UCI International emerges from Chapter 11

BANNOCKBURN - UCI International said it has officially completed its Chapter 11 reorganization.

The company is now owned by its former creditors led by funds and accounts under the management of Blackrock Financial Management, Credit Suisse Asset Management and J.P. Morgan Investment Management. In conjunction with its emergence, UCI has closed on its new, fully committed, asset-based lending facility provided by Wells Fargo Bank, National Association, Citizens Bank, National Association, and BMO Harris Bank.

UCI emerged from the Chapter 11 process after meeting all conditions to the company's plan of reorganization, which was confirmed by the Bankruptcy Court on December 6, 2016.

UCI is a holding company for Champion Laboratories, a provider of automotive and industrial filtration products, ASC Industries, a provider of vehicle water pumps and Airtex Products, a provider of automotive and industrial fuel pumps.

"We have successfully completed our corporate transformation by emerging with a sound capital structure, significantly less debt, and the financial flexibility to continue building our business to deliver better value for our customers," said Greg Noethlich, president and CEO of Champion Laboratories.

Alvarez & Marsal, Moelis & Company, and Sidley Austin advised the company on its restructuring.