ACL Files Reorganization Plan
American Commercial Lines LLC and its affiliated debtors today filed their Joint Plan of Reorganization in the United States Bankruptcy Court, Southern District of Indiana, New Albany Division. 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. Under the terms of the Plan, ACL will issue $225M in new Senior Secured Notes, and approximately $138M in new Junior Secured Notes in satisfaction of obligations to the Senior Secured Lenders. Five-year Maritime Lien Holder Notes will be issued to holders of maritime liens or in the alternative, a cash payout of as much as fifty cents on the dollar.
ACL Plan of Reorganization Confirmed
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…
ACL Emerges From Chapter 11
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.
