ACL Emerges From Chapter 11

Friday, January 14, 2005
American Commercial Lines LLC (ACL) has emerged from Chapter 11 protection pursuant to the Plan of Reorganization approved on December 30, 2004 by the United States Bankruptcy Court of Southern Indiana, New Albany Division.

Under the terms of the Plan of Reorganization, ACL LLC’s emergence from bankruptcy became effective on January 11, 2005. Equity in ACL LLC was transferred to a new parent company, American Commercial Lines Inc. (“ACL”), which will transfer shares to the holders of approximately $278 million of pre-petition bonds and other secured creditors. On January 13, 2005, ACL renewed approximately $364 million of secured financing with JPMorgan Chase Bank N.A. as Agent for the pre-petition secured lenders. Bank of America, N.A. and UBS Securities LLC have provided a new $35 million revolver facility. In addition, ACL will issue the five-year Maritime Lien Holder Notes and the Tort Lien Holder Notes and make the appropriate cash payouts in satisfaction of allowed claims within the next forty-five business days as required by the Plan.

Clayton Yeutter, Chairman of the new American Commercial Lines Inc. Board of Directors, said, “The other members of the ACL Board of Directors join me in congratulating the management and employees of the Company on their successful restructuring of the business and emergence from Chapter 11. We also extend our appreciation to the Company’s customers, suppliers and creditor groups, whose commitment over the past two years was critical to this accomplishment. We look forward to a bright future for ACL.”

American Commercial Lines Inc., headquartered in Jeffersonville, Indiana is an integrated marine transportation and service Company with revenues of more than $600 million and approximately 2,600 employees.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Funding Approved for Georgia’s New Inland Terminal

At its July board meeting, the Georgia Ports Authority (GPA) approved a spending package of $19.7 million to construct the Appalachian Regional Port in Chatsworth, Murray County, Ga.

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

Casualties

New Details Emerge on Loss of USS Indianapolis

A Naval History and Heritage Command (NHHC) historian has recently uncovered information that sheds new light on the loss of the World War II cruiser USS Indianapolis (CA 35).

Piracy Drops to 21-year low - IMB

Piracy and armed robbery at sea has fallen to its lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a new report from the International

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

 
 
Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0571 sec (18 req/sec)