Accuride Corp., a Michigan -based supplier of wheel end systems to the commercial vehicle industry, announced its intention to restructure its North American business, for which its U.S. entities filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code.
Further, Accuride's Canadian entity commenced a proceeding under the CCAA and will seek approval for a proposed plan of reorganization. Accuride's Mexican, European, and Asian subsidiaries are not included in these filings.
The company, which has reached agreement with its lenders for the proposed restructuring, said the decision would facilitate economic improvements for operations and significantly reduce funded debt from its balance sheet.
With the agreement, the company, a portfolio company of Crestview Partners, projects to be able to emerge from bankruptcy on an expedited basis, anticipated to be 90-100 days from filing, with a confirmed plan of reorganization.?
During the process, all of its plants will continue to operate "business as usual."
For the firm to continue conducting its business in the ordinary course without interruption,?the agreement with its lenders provides it with $30 million in Debtor-in-Possession financing. This would provide sufficient liquidity to continue normal operations and meet post-petition obligations to employees, suppliers, and customers as they come due.
Robin Kendrick, Accuride's President and CEO, said, "Accuride's reorganization efforts are designed to create a healthier capital structure that will allow the Company to remain a leader in the global wheel market. Accuride anticipates a quick emergence from Chapter 11, with a de-levered balance sheet and improved capital structure."
In the process, Kirkland & Ellis is serving as legal counsel to Accuride, along with Perella Weinberg as Investment Banker and Alvarez & Marsal as restructuring advisor.
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