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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Colombia's Ecopetrol Sees Recovery in 2015

Colombia's top energy company Ecopetrol is targeting production of 1 million barrels of oil equivalent per day in 2015, a steep recovery over this year, clouded

Casualties

USCG in Search of Missing Man in Lake Michigan

The Coast Guard is searching for a man who went missing on Lake Michigan, Tuesday. Missing is 48-year-old Joseph Kiehm from Milwaukee. Kiehm was last seen aboard his 26-foot white sailboat,

S. Korea Navy Chief Quizzed About Salvage Ship Absence

The state audit agency has interrogated the chief of the Navy over a faulty Navy salvage ship that failed to participate in the national rescue operation for the

Arctic Wreck Found after 169 Years

After more than 169 years, Canadian researchers discovered one of the two ships from the doomed Arctic expedition of Sir John Franklin, cracking one of the largest mysteries in sea exploration.

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0849 sec (12 req/sec)