UCI International LLC has filed a revised Joint Plan of Reorganization and related Disclosure Statement. The plan is supported by the Official Committee of Unsecured Creditors and the Ad Hoc Committee of Senior Noteholders. The company also announced an agreement with Senior Unsecured Noteholders comprised of funds and accounts under the management of Blackrock Financial Management Inc., Credit Suisse Asset Management LLC, and J.P. Morgan Investment Management Inc. to backstop $30 million of incremental exit financing. Collectively, these parties hold more than 80 percent in principal amount of the Senior Unsecured Notes outstanding and will become the controlling equity holders of the reorganized company under the plan.

The plan, consistent with a stipulation filed on Sept. 29 between the company, the official committee of unsecured creditors, and the lenders and agent under the company’s prepetition ABL credit facility, provides for the payment in full of claims under the prepetition ABL credit facility.

“We are pleased with the progress made to date in our bankruptcy filing,” said Keith Zar, UCI’s general counsel. “The filing of the plan moves UCI one step closer to a successful restructuring and positions UCI for long-term success by reducing outstanding debt and strengthening our balance sheet. UCI continues to have a strong position in the marketplace and is well positioned to take advantage of future opportunities.”

The Disclosure Statement remains subject to approval of the United States Bankruptcy Court for the District of Delaware. A hearing on approval of the Disclosure Statement has been scheduled for Oct. 14. Following court approval of the Disclosure Statement, the company intends to solicit votes and seek confirmation of the Plan. The company has requested a hearing on confirmation of the plan for Dec. 6.

UCI’s principal operating subsidiaries include Airtex Products L.P., ASC Industries Inc. and Champion Laboratories Inc.