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

Finance

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their

Casualties

USCG Medevacs Man From Sailboat off NC Coast

The Coast Guard medevaced an injured 62-year-old man from his sailboat Thursday approximately 100 miles east of Kill Devil Hills. Watchstanders at the Fifth

High Seas Becoming Less Secure

Despite the significant reduction in piracy attacks over the last few years it is now widely accepted by the maritime community that the safety of the High Seas

Kleven Wins New Yacht Contract

Norwegian ship builder Kleven has secured a new contract for a high specification, 116-metre long Expedition Support Vessel. The order is placed by Mr Graeme Hart,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators
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: 0.1421 sec (7 req/sec)