UCI Holdings Limited and 12 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 16-11354 (UCI International). The Company, which designs, develops, manufactures and distributes vehicle replacement parts, is represented by Edmon L. Morton of Young Conaway Stargatt & Taylor.
According to documents filed with the Court, “The Debtors’ bankruptcy filings are the result of the convergence of both industry-wide trends and factors specific to the Debtors that have combined to put pressure on the Debtors’ businesses and have adversely impacted the Debtors’ financial results….The Debtors’ current balance sheet is unsustainable….Absent a restructuring of the Debtors’ indebtedness, the Debtors are unable to comply with their debt obligations. Moreover, under the continuing burden of these interest payments, the Debtors would lack sufficient cash flow to maintain their business and reinvest capital to take advantage of growth opportunities.”
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