Lumileds Announces Reorganization Plan

Lumileds Announces Reorganization Plan

Lumileds plans to emerge from Chapter 11 the week of Oct. 31, 2022.

Lumileds Holding B.V., global provider of lighting solutions, announced the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization. As a result, Lumileds says it plans to emerge from the chapter 11 process the week of Oct. 31 following the satisfaction of certain administrative items before the Plan becomes effective.

Under the terms of the Plan, Lumileds will complete a comprehensive restructuring transaction which will reduce the Company’s funded debt by approximately $1.4 billion, provide capital to accelerate Lumileds’ growth, and enable further investment in innovation that will allow the Company to pursue additional strategic opportunities.

Prior to commencing their Chapter 11, the Company says it announced the execution of a Restructuring Support Agreement (the “RSA”), whereby the Company obtained the necessary support from its lenders to confirm the Plan. The Company’s narrowly focused prepackaged Chapter 11 filing was then commenced on August 29, 2022 and was limited to involving only Lumileds U.S. and Dutch Lumileds. Following the solicitation period, approximately 92% of Lumileds’ first lien lenders voted in favor of the Plan and over 99% of the first lien lenders ultimately executed the RSA. Under the terms of the Plan, the pre-petition first lien lenders provided the Company with commitments for up to $275 million in new capital, first as part of the DIP Facility which was then converted into a five-year exit facility.

“Throughout this process we continue to maintain our sharp focus on driving innovation and developing new products and solutions for our customers, and we are excited by the opportunities ahead for Lumileds,” said Matt Roney, CEO of Lumileds. “With the confirmation of our plan of reorganization, we will implement our financial restructuring to deleverage our balance sheet, significantly increase our liquidity and even better position ourselves for long-term growth and innovation. We thank all our stakeholders for their ongoing support and confidence in our market-leading position in the specialty lighting industry, which has allowed us to reach this significant milestone so quickly and on schedule.”

For more information about Lumileds, visit https://lumileds.com

You May Also Like

Mevotech Expands Coverage with 188 New Part Numbers

The release covers domestic and import passenger vehicles, pickup trucks, vans, SUVs and EVs, up to the 2023 vehicle model year.

Mevotech-Expands-Coverage-with-188-New-Part-Numbers

Mevotech announced the addition of 188 new part numbers, expanding its TTX, Supreme and Original Grade product catalogues. Extending up to the 2023 vehicle model year, this release covers domestic and import passenger vehicles, pickup trucks, vans, SUVs and EVs.

The new part numbers include control arms for newer 2023-2021 Ford F-150 and F-150 Lightning models from Mevotech’s flagship TTX and Supreme lines. “These components are designed with exclusive features for improved part service life and increased overall durability,” Mevotech said.

MAHLE Finalizes Sale of its OEM Thermostat Business

As part of the transaction, ADMETOS is taking on around 600 employees in six countries.

MAHLE finalizes sale of its OEM thermostat business
ZF Aftermarket Releases 36 New Parts for US, Canada

ZF has introduced a total of 185 new products in 2024 under the ZF, LEMFÖRDER, SACHS, TRW and WABCO brands.

Dana Expands Spicer ReadyShaft Assembly Coverage

The addition of more than 3,000 new part numbers brings Dana’s ReadyShaft program
to over 13,000 active SKUs.

Dana-Expands-Spicer-ReadyShaft-Assembly-Coverage
Litens Aftermarket North America Elevates Sustainability Efforts

Litens said it is dedicated to achieving carbon neutrality by 2030. 

Litens Aftermarket North America Elevates Sustainability Efforts

Other Posts

HELLA Introduces HELLA BLADE LED 6” Series Auxiliary Lights

The HELLA BLADE Series combines powerful illumination with innovative features for the ultimate driving experience, the company said.

HELLA-BLADE-LED-6-Series-Auxiliary-Lights
Transtar Announces Agreement for Axalta to Acquire The CoverFlexx Group

Axalta Coating Systems has signed a definitive agreement to acquire Transtar Holding Company’s subsidiary The CoverFlexx Group.

Transtar-logo-on-white
Bendix: Air Disc Brake Production has Doubled Since 2018

Commercial ADB adoption rates in Class 6-8 vehicles are now up over 50%, according to Bendix.

Bendix Bowling Green
MPA: ‘We’re as Strong as Ever’

Chairman, President and CEO Selwyn Joffe discusses what he’d like the aftermarket to know about Motorcar Parts of America.

MPAs-Selwyn-Joffe-Were-as-Strong-as-Ever