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Viasystems Group Inc. Obtains Support for Plan of Reorganization
October 3, 2002 |Estimated reading time: 1 minute
St. Louis -- Viasystems Group Inc. has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to achieve final approval for the company's recapitalization.
The prepackaged filing was made in the U.S. Bankruptcy Court for the Southern District of New York. Terms of the recapitalization were disclosed in the company's disclosure statement filed with the Securities and Exchange Commission on September 3, 2002.
The recapitalization will involve the exchange of approximately $740 million of Viasystems' debt into common and preferred stock. Upon completion of the restructuring, Viasystems' debt, net of cash, will decline from approximately $1.1 billion to approximately $380 million and interest will be reduced by approximately $70 million annually.
Viasystems has received sufficient votes in favor of the restructuring plan to meet the requirements of the Bankruptcy Code for confirmation of the plan. Votes to accept the restructuring plan were tendered by holders of approximately 87 percent of Viasystems senior secured debt, holders of 100 percent of Viasystems' 14 percent Senior Notes and holders of approximately 77 percent of Viasystems' 9.75 percent Senior Subordinated Notes.
Viasystems will continue business as usual through its operating subsidiaries, which will not be party to the reorganization proceeding. Consequently, it is anticipated that customers, employees and suppliers will not be affected by the restructuring.
Viasystems Group Inc. is a leading global EMS provider with more than 18,000 employees in eight countries, supplying customers in the telecommunications, networking, automotive and consumer electronics industries. For more information, visit www.viasystems.com.