LAKE FOREST, Ill.–(BUSINESS WIRE)–Today, UCI Holdings Limited and its subsidiary UCI International, LLC
(“UCI” or the “Company”) announced that they filed voluntary petitions
under Chapter 11 of the United States Bankruptcy Code. UCI commenced the
filing to deleverage the company and better position the company for
future growth. The filing includes all of the Company’s domestic
operating companies which include Airtex Products, L.P., ASC Industries,
Inc., and Champion Laboratories, Inc. The bankruptcy filing does not
relate to the Company’s international operations or to affiliates
Autoparts Holdings or FRAM Group Holdings.
The Company is working with its lead bondholders, including funds
managed by BlackRock, JP Morgan, and Credit Suisse Asset Management, on
the terms of a consensual restructuring. The Company does not expect the
filing to have an impact on the day-to-day operations of the Company.
During the Chapter 11 process, vendors will be paid for post-petition
purchases of goods and services in the ordinary course of business. The
Company has asked the Court for authorization to continue paying its
employee wages, salaries, and benefits without interruption and to
continue all customer programs.
“Filing for Chapter 11 was a difficult decision, but the right one to
reposition the Company. Our business and our brands remain strong—we’re
still investing capital, launching new products and offerings, hiring
new talent to support our growth objectives and we have ample liquidity
to operate our business,” said UCI’s General Counsel, Keith Zar. The
Company continues to operate all of its manufacturing operations and
provide the same great product to its customers on a daily basis.
UCI Holdings Limited
Keith Zar, (812) 305-7589