UTEX officially emerges from Chapter 11 with $700 million less debt

Chicago, Dec. 3 – UTEX Industries Inc. has emerged from bankruptcy, the company announced in a press release Thursday evening.

Through the process the company reduced its debt by $700 million.

The company’s pre-packaged plan or reorganization was confirmed on Oct. 23 and previously reported by Prospect News.

The company has emerged as a private company under the ownership of its pre-restructuring lenders and prior equity interests have been canceled in connection with the restructuring.

The company has emerged with $42.5 million in new financing to the company.

Houlihan Lokey served as financial adviser and investment banker, AlixPartners served as restructuring adviser, and Weil, Gotshal & Manges LLP served as legal adviser to UTEX.

UTEX is a Houston-based manufacturer of engineered sealing and other specialty products used in oil and gas drilling and production, power, mining, water treatment and other industrial sectors.

The company filed for bankruptcy on Oct. 8 in the U.S. Bankruptcy Court Southern District of Texas, and the Chapter 11 case number was 20-34932.

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