EVANSVILLE, Ind. — Accuride Corp., one of the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America, has successfully completed all conditions of its Plan of Reorganization and emerged from Chapter 11 with a new capital structure after only five months, the company said Friday.
“Entering Chapter 11 with a pre-arranged agreement and the continued support of our lenders, allowed Accuride to emerge in an expeditious manner,” said Bill Lasky Accuride’s president, CEO, and chairman of the board. “Accuride has always been a solid leader in product innovation and operational efficiency. Our improved financial structure, coupled with the respect of our industry brands, will allow us to pursue initiatives to further expand our product offering and geographic penetration, while in turn providing increased solutions for our customers and greater value for our shareholders.”
As outlined in the plan, the company exits bankruptcy with a more flexible capital structure including a $308 million term loan and $140 million of convertible notes. All unsecured trade creditors will be paid in full for valid claims, Accuride said.
In addition, the company has filed the necessary paperwork for Accuride’s common stock to begin trading on the Over-the-Counter Bulletin Boards and will announce the symbol for trading in Accuride’s common stock when it becomes available.
Accuride’s U.S. entities filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware on Oct. 8, 2009.
Accuride’s products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, seating assemblies and other commercial vehicle components. Accuride’s products are marketed under its brand names, which include Accuride, Gunite, Imperial, Bostrom, Fabco, Brillion, and Highway Original.
Kevin Jones of The Trucker staff can be reached for comment at email@example.com.
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