ACL Plan of Reorganization Confirmed

Tuesday, January 11, 2005
The United States Bankruptcy Court, Southern District of Indiana, New Albany Division confirmed the Plan of Reorganization for American Commercial Lines LLC and its affiliated debtors. ACL and its affiliated debtors, including American Commercial Barge Line LLC and Jeffboat LLC, filed for Chapter 11 protection on January 31, 2003. Richard L. Huber, Chairman and Chief Executive Officer of ACL said "We are extremely pleased to complete this reorganization process. The implementation of our Plan of Reorganization provides the best possible recovery for our creditors and ensures the Company's future viability. Our efforts are now focused on completing the steps required to emerge from Chapter 11 on January 10, 2005." Under the terms of the Plan, JPMorgan Chase Bank N.A., as Administrative Agent for various lenders, will continue to provide financing of approximately $364M. ACL has also secured a $35M revolver facility from Bank of America, N.A. and UBS Securities LLC. Five-year Maritime Lien Holder Notes will be issued to holders of maritime liens or in the alternative, a cash payout of fifty cents on the dollar. Equity in ACL will be transferred to the holders of approximately $278M of pre-petition bonds and other unsecured creditors in satisfaction of their claims. Eugene I. Davis, Richard L. Huber, Nils E. Larsen, Emanuel L. Rouvelas, R. Christopher Weber and Clayton Yeutter have agreed to serve as members of the ACL Board of Directors upon emergence. Holden is New President, CEO ACL announced that Mark R. Holden was selected as President and Chief Executive Officer. Prior to joining the Company, Holden was Senior Vice President and Chief Financial Officer of Wabash National Corporation, where he held various officer-level positions for the past 12 years. In addition to his duties as the Chief Financial Officer, Mr. Holden served on the Board of Directors of Wabash National and in the Office of the Chief Executive Officer. As a member of the Office of the Chief Executive Officer, Mr. Holden oversaw a very successful turnaround and restructuring of the $1 billion industrial company. Prior to joining Wabash National in 1992, Mr. Holden spent 12 years at the international accounting firm of Arthur Andersen. Holden earned a BA from Ball State University and is a CPA. Richard L. Huber, Chairman of ACL's Board of Managers and Interim CEO said, "We are very pleased to have Mark coming on board as the Company emerges from Chapter 11. Mark's strong background in the transportation industry coupled with his experience in both turnaround and growth situations provides an ideal complement to the existing management team's strong focus on execution." Mark Holden commented, "I am looking forward to working with Norb Whitlock and the rest of the ACL team as ACL emerges from Chapter 11 and regains a strong position in the transportation industry."
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2650 sec (4 req/sec)