HOUSTON, Jan. 3, 2017 /PRNewswire/ -- American Gilsonite Company ("American Gilsonite", or "AGC"), the world's principal commercial miner and processor of uintaite, the unique mineral marketed under its trademark name "Gilsonite," today announced that it has completed its financial restructuring and has emerged from the chapter 11 process.
David G. Gallagher, President and Chief Executive Officer, said, "We have expeditiously emerged from this financial restructuring with a significantly stronger balance sheet and a sustainable capital structure.
The ad hoc committee of second lien bondholders was supportive and helpful in navigating and successfully completing the process. Today, American Gilsonite is well positioned both financially and operationally to build and drive the business for the benefit of our customers, employees, and business partners. A just outcome for an iconic company."
On October 24, 2016, American Gilsonite and its affiliates filed voluntary petitions for protection under chapter 11 of the U.S. Bankruptcy Code in order to implement the terms of a prepackaged plan of reorganization (the "Plan") that had been agreed upon by its key financial stakeholders. The Plan was confirmed by the U.S. Bankruptcy Court for the District of Delaware on December 12, 2016. The Company emerged from chapter 11 on December 31, 2016.
American Gilsonite was represented by Weil, Gotshal & Manges LLP and Evercore Partners while the second lien bondholders were represented by Stroock & Stroock & Lavan LLP and Houlihan Lokey.
The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
About American Gilsonite Company (www.americangilsonite.com)
AGC operates as an industrial minerals company and is the world's primary miner and processor of uintaite, a variety of asphaltite, a specialty hydrocarbon which AGC markets to industrial customers under its registered trademark name "Gilsonite®". Gilsonite is a glossy, black, solid naturally occurring hydrocarbon similar in appearance to hard asphalt and is believed to be found in commercial quantities only in the Uinta Basin in northeastern Utah. Because of its unique chemical and physical properties, Gilsonite has been used in more than 160 products. The Company sells its products to customers in four primary markets: (i) oil and gas, (ii) inks and paints, (iii) foundry and (iv) asphalt. AGC is headquartered in Houston, Texas.
Kekst and Company
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/american-gilsonite-company-completes-financial-restructuring-300384444.html
SOURCE American Gilsonite Company