Remy International, Inc. is back on track less than two months after petitioning to emerge from bankruptcy.
The company recently emerged from Chapter 11 protection less than 59 days after filing its pre-packaged plan of reorganization and petitions. As previously announced, the pre-packaged plan of reorganization was confirmed by the court on Nov. 20.
"Today marks the start of a new chapter in Remy's history,” says John Weber, president and CEO of Remy. "In reaching this milestone Remy has effectively restructured its debt and its commercial arrangements with General Motors and as a result, strengthened its competitive position. We are excited to move forward as a revitalized and reenergized company."
In conjunction with its emergence from Chapter 11, Remy also announced that effective Dec. 6, the company has access to its exit financing facility of up to $330 million, including a $120 million revolving credit facility and term loans of $210 million. The company emphasized that this will provide Remy with the liquidity required to continue to meet its financial needs and operate its business in the coming years. In addition, the sale of Remy’s M&M Knopf Auto Parts subsidiary was completed on Dec. 4.