Mark IV Industries, Inc. announced today that it has emerged from Chapter 11 as a newly reorganised company, eliminating approximately US$750m in debt and liabilities.
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In conjunction with its emergence from Chapter 11, Mark IV has successfully executed an exit financing package consisting of US$145m in term loan credit facilities as well as a US$50m asset backed revolving loan.
“Just over six months of filing for Chapter 11 we were able to significantly de-lever the company’s balance sheet, establish a credit facility to support our working capital and liquidity needs, and emerge from Chapter 11 with the flexibility to pursue ongoing strategic initiatives,” said Co-Chief Executive Officer of Mark IV, Jim Orchard.
“Our expeditious restructuring is a testament to our devoted employees, dedicated customers and suppliers and the strong relationship we have with our lenders,” Co-Chief Executive Officer and Chief Financial Officer Mark Barberio added.
“Now with our significantly de-levered balance sheet we have the flexibility and resources to develop and deliver innovative products to the benefit of our customers worldwide,” said Orchard.
