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American Commercial Lines files amended disclosure statement, plan
By Jeff Pines
Washington, Oct. 19 - American Commercial Lines LLC filed an amended disclosure statement and reorganization plan with the U.S. Bankruptcy Court for the Southern District of Indiana Tuesday.
Under the plan the pay-in-kind noteholders will still get an estimated 0.0% recovery. It calls for the noteholders to get warrants for a pro rata share of 3% of the common stock, or 168,230 shares, of the Jeffersonville, Ind.-based reorganized marine transportation and services company. They will be allowed to vote on the plan. American Commercial estimates there are $124.35 million of these claims.
If the PIK noteholders reject the plan, the warrants will go to other creditors.
Holders of general unsecured claims against four of the company's subsidiaries will get 100% of the reorganized company's common stock, if the plan is confirmed and consummated. An estimated 5.61 million shares would be issued to the four classes of claimsholders.
American Commercial estimates there are $363.92 million of bank claims, which it plans to repay in full.
Equity holders will get nothing.
To finance its exit from bankruptcy, the plan calls for the company to obtain a $35 million exit revolver. In addition, the plan calls for American Commercial's senior secured lenders to provide it with a $225 million senior secured loan at Libor plus 400 basis points and a new junior secured loan in an amount to be determined with a 10% interest rate along with a pay-in-kind component.
The confirmation hearing is scheduled for Dec. 10.
American Commercial filed for bankruptcy on Jan. 1, 2003. Its Chapter 11 case number is 03-90305.
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