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.


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