ANDERSON, IN -- Remy Worldwide Holdings, Inc. said it has received “overwhelming” acceptance of its prepackaged plan of reorganization. The company said it plans to quickly begin voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code to seek confirmation of the plan.

"We are extremely pleased with the overwhelming support we received from our noteholders and we are working expeditiously to initiate our prepackaged Chapter 11 filing as planned," said John Weber, president and CEO.

Key elements of the prepackaged plan include repayment of the company's secured creditors in full; plans to raise $85 million in preferred equity through a backstopped rights offering to be made to holders of the company's Senior Notes and Senior Subordinated Notes and total debt reduction of $360 million.

The company’s plan for total debt reduction includes the exchange of the company's $145 million of existing 8-5/8 percent Senior Notes for $100 million of New Third-Lien Notes and $45 million in cash (plus an amount of cash equal to the accrued but unpaid interest through the filing date (estimated to be $10 million) and up to $2 million of new preferred stock in respect of post petition interest). In addition, these note holders will receive a $10 million consent fee for agreeing to the overall restructuring.

In addition, the plan includes the reduction of the company's unsecured debt obligations by $315 million by converting the 9-3/8 percent Senior Subordinated Notes and 11 percent Senior Subordinated Notes into 100 percent of the common equity of the reorganized company; as well as cancellation of all of the company's existing equity interests.

For more information about Remy, go to: http://www.remyinc.com.