ACL Expects to Emerge from Chapter 11 Soon
American Commercial Lines Inc. (ACL) said on Friday it expects to complete its recapitalization and emerge from Chapter 11 in the coming weeks after the U.S. Bankrptcy Court for the Southern District of Texas, Houston Division confirmed the company's pre-packaged plan.
ACL announced it would implement the recapitalization plan in February. Upon emergence, the company will receive $200 million in new capital to support liquidity and investments in the business and will reduce its funded debt by approximately $1 billion, it said.
"We were able to reach this important milestone on an accelerated basis thanks to the continued support of our financial stakeholders, as well as our customers and business partners," said Mark Knoy, President and Chief Executive Officer of American Commercial Lines. "Through this recapitalization process, we are creating an even stronger inland barge transportation leader, with greater financial flexibility and the ability to focus more of our resources on competing in the marketplace and investing in the business to support future growth.
"We have continued serving our customers and providing competitive and reliable barge transportation services, 24-7, without interruption. From our barges, to our towboats and our terminals, our operations are performing well and our team is more focused than ever making sure our customers remain our top priority."