Mark IV Industries has emerged from Chapter 11 as a newly reorganized company, eliminating approximately $750 million in debt and liabilities. It’s also successfully executed an exit-financing package consisting of $145 million in term loan credit facilities as well as a $50 million asset backed revolving loan. This package provides them with more than adequate working capital and liquidity to execute its business plan.
Throughout its Chapter 11 restructuring, the company was able to maintain its traditional level of investment and engineering funding for the development of green, fuel-efficient, and competitive solutions for engine management. Mark IV continued to invest millions yearly in research and development in its transportation segment products.
During the company's Chapter 11 restructuring, it met all its customers supply needs without interruption, and was able to achieve all of its restructuring goals without the need for special assistance from its customers. (SB)
