ANDERSON, IN — Remy Worldwide Holdings has received Bankruptcy Court approval of its first-day motions. This allows Remy to, among other things, pay employee wages and benefits without the ordinary course of business. As previously announced, in response to the overwhelming support received from its noteholders for its prepackaged plan of reorganization, the company filed voluntary petitions on Oct. 8 for itself and its domestic subsidiaries under Chapter 11 of the U.S. Bankruptcy Code to seek confirmation of the plan.

The court also granted interim approval of $160 million of Remy’s $225 million debtor-in-possession (DIP) facility, which was provided by Barclays Capital who acted as sole lead arranger. As previously announced, Barclays Capital had committed to provide DIP financing for up to $225 million and up to $330 million of long-term exit financing. Barclays Capital has syndicated both the DIP and the exit facilities together to coincide with Remy’s prepackaged bankruptcy case. The closing of the DIP and exit loans are subject to certain closing conditions which are expected to be satisfied during the Chapter 11 process. A final DIP hearing has been scheduled for Nov. 7.

"We are pleased with the swift approval of our first-day motions which will enable Remy to operate without interruption and continue to meet our normal business obligations during the plan confirmation process," said John Weber, chief executive officer. "With our first-day motions approved, we will continue to concentrate on running our business with the goal of emerging from Chapter 11 within the next 60 days."

The court has scheduled a hearing to confirm Remy’s prepackaged plan of reorganization for Nov. 20.

For more information, visit: http://www.remyinc.com.