Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Automobiles & Components / Bankruptcy/Chapter 11 / Post-Bankruptcy Stocks

Chassix Plan Effective

Chassix's Modified Second Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection.The Court confirmed the Plan, which provides for a debt-for-equity swap that will significantly reduce outstanding bond debt and debt payment obligations,on July 9, 2015. Through its prearranged Chapter 11 restructuring, Chassix substantially reduced its outstanding debt obligations, secured approximately $300 million in new exit financing including $150 million from certain of the Company's pre-petition noteholders and secured new long-term business commitments and support from its largest customers. Chassix's chief executive officer, Mark Allan, comments, "Today marks the completion of a restructuring and recapitalization that allows Chassix to move forward with a solid financial foundation from which we expect to be able to operate successfully and grow." Chassix also announced a newly-constituted board of directors in conjunction with its emergence, comprised of Fred Bentley, Jonathan F. Foster, Richard E. Newsted, Randal Klein and Michael Kreger. This a products manufacturer filed for Chapter 11 protection on March 12, 2015, listing $833 million in pre-petition assets.

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