UCI International Files for Bankruptcy Protection
June 02 2016 - 10:20AM
Dow Jones News
UCI International LLC, a maker of replacement auto parts owned
by one of New Zealand's richest men, filed for bankruptcy
protection Wednesday after talks with bondholders about a financial
restructuring failed to produce a deal.
The Lake Forest, Ill., company filed for chapter 11 protection
in U.S. Bankruptcy Court in Wilmington, Del., with assets of $435.3
million and debts of $716.8 million.
New Zealand billionaire Graeme Hart's Rank Group acquired UCI in
a 2011 in a deal valued at $980 million.
The company's ASC, Airtex and Champion businesses lines supply
filtration parts and pumps to customers like AutoZone Inc., General
Motors Co. and Advance Stores Co. UCI posted a loss of $501.3
million last year on sales of $784.7 million, according to court
papers.
UCI, which employs about 1,800 people—all in the U.S.—said it
would remain open during its bankruptcy case as talks with its
bondholders continue.
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com
(END) Dow Jones Newswires
June 02, 2016 10:05 ET (14:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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