Accuride Corporation, a leading manufacturer of commercial vehicle components, has filed its Second Modified Amended Joint Plan of Reorganization in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-12289-JKS), outlining its strategy to restructure and emerge from Chapter 11 bankruptcy protection.
The plan, filed on February 11, 2025, details comprehensive restructuring transactions that include new financing arrangements and equity distribution. Under the plan, DIP Amendment Lenders will receive Exit Facility Takeback Loans of approximately $20 million and will be eligible to participate in $72 million of Exit Facility New Money Loans.
The restructuring is being guided by Kirkland & Ellis LLP and Young Conaway Stargatt & Taylor, LLP as co-counsel to the debtors. The plan has received support from key stakeholders, including an ad hoc group of term loan holders represented by Weil, Gotshal & Manges LLP.
Key elements of the plan include:
- A new ABL facility
- The issuance of new common stock
- A management incentive plan
- Treatment of various creditor classes
- Comprehensive release and injunction provisions
The plan also addresses the company's relationship with Gunite Corporation and includes provisions for the treatment of various collective bargaining agreements and employee benefits.
This article was prepared using Stretto Conductor, our new AI-powered assistant that's here to help. Stretto Conductor was able to create this summary of a 64 page court filing in less than a minute. Always review the underlying docket filings for accurate information. The information and responses generated by Stretto Conductor may contain errors or inaccuracies and should not be relied upon as a substitute for professional or legal advice.
Link: Second Modified Amended Plan
Document length: 64 pages