ANDERSON, IN -- Remy Worldwide Holdings Inc. has announced that it commenced a solicitation of votes for a prepackaged plan of reorganization from holders of Remy International Inc.'s 8-5/8 percent Senior Notes, 9-3/8 percent Senior Subordinated Notes and 11 percent Senior Subordinated Notes.

Votes on the prepackaged plan of reorganization must be received by Financial Balloting Group, the company's voting agent, by Oct. 1, unless the deadline is extended. The record date for voting was set for Aug. 29. Solicitation materials have been mailed to creditors of record.

"As the next step in our transformation process, the company is pleased to announce the commencement for the solicitation of votes on its prepackaged plan of reorganization," said John Weber, Remy's CEO. "During this time, the company will continue to provide customers with quality products and on-time delivery."

He further added that throughout the solicitation process and beyond, trade creditors, suppliers and employees will continue to receive amounts owed to them in the ordinary course of business. In addition, the prepackaged plan of reorganization provides that the claims of trade creditors, suppliers and employees will be paid in full.

As previously disclosed, on June 15, the company entered into a plan support agreement with holders of approximately 83 percent of its 8-5/8 percent Senior Notes, 84 percent of its 9-3/8 percent Senior Subordinated Notes, and 75 percent of its 11 percent Senior Subordinated Notes on the terms of a consensual financial restructuring that would reduce the company's debt obligations by approximately $360 million. The company and the consenting noteholders have agreed to consummate the restructuring through a prepackaged plan of reorganization. In addition, the consenting noteholders have agreed, subject to certain conditions, to backstop a rights offering of new preferred stock to be issued under the prepackaged plan of reorganization that will provide approximately $85 million of new capital to fund the prepackaged plan of reorganization and the company's post-emergence operations. Assuming the company receives the required acceptances, the company intends to commence a prepackaged chapter 11 case at the conclusion of the solicitation period.

The company also previously announced that it has obtained a binding commitment from Barclays Capital, the investment banking division of Barclays Bank PLC, to provide debtor-in-possession (DIP) financing of up to $225 million and $330 million of long-term exit financing. The terms of the commitment are more fully described in the Solicitation and Disclosure Statement.

Noteholders seeking additional information about the balloting process should contact Jane Sullivan, Financial Balloting Group at 646-282-1800.