ACL Recapitalization Confirmed By Court
American Commercial Lines Inc. announced March 20 that a Houston bankruptcy court has confirmed the company’s “pre-packaged” plan to recapitalize the business. The company said it expects to complete its recapitalization and successfully emerge from Chapter 11 in the coming weeks.
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.
“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 CEO 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.
“We look forward to completing this process shortly and remain focused on providing our customers the safest, most cost-effective and environmentally friendly barge transportation solutions they expect from us.” More information is available at aclrecapitalization.com or by calling the company’s recapitalization hotline at 877-425-3088.