UCI Granted Approval of Key Motions in First Step of Plan to Restructure Debt
By Business Wire News
LAKE FOREST, Ill.
Today, UCI Holdings Limited and its subsidiary UCI International, LLC (“UCI” or the “Company”) announced that the United States Bankruptcy Court for the District of Delaware has approved all of the first-day motions submitted by the Company on June 2, 2016. The rulings enable UCI and its subsidiaries, which include Airtex Products, L.P., ASC Industries, Inc., and Champion Laboratories, Inc., to continue operations in the normal course including paying vendors for all post-petition goods and services, continuing all customer programs, and maintaining payroll and employee health benefits, and other programs that are essential to continuing businesses without disruption.
“The motions approved today give UCI the ability to utilize our ample liquidity to fund operations going forward as we continue to negotiate a consensual restructuring with our key constituents,” said Keith Zar, UCI’s general counsel. “We are committed to providing high quality water pump, fuel pump, and filtration products to our customers, be a great place to work for our employees, and be a strong partner to our vendors just as we’ve always done.”
For more information on the filing visit http://cases.gcginc.com/uci/ or call (855) 907-3238. The company will provide updates regarding the restructuring process as new information becomes available.
UCI Holdings Limited
Keith Zar, (812) 305-7589