Firm client Mark IV Industries/Dayco Products, a leading manufacturer of highly engineered systems and components for transportation infrastructure, vehicles and equipment, emerged from Chapter 11 on November 13, after just over six months in bankruptcy. Through the restructuring, Mark IV eliminated approximately $750 million in debt and liabilities. The confirmed plan of reorganization included several financings, including a $50 million ABL credit facility provided by Wachovia and JP Morgan Chase; a $145 million term loan credit facility; and a $228 million term loan distributed to the company's first lien pre-petition secured lenders.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates