September 11 2004
ACL files reorganization plan
American Commercial Lines LLC and its affiliated debtors yesterday filed their Joint Plan of Reorganization in the United States Bankruptcy Court, Southern District of Indiana, New Albany Division. ACL and its affiliated debtors, including American Commercial Barge Line LLC and Jeffboat LLC, filed for Chapter 11 protection on January 31, 2003.
Richard L. Huber, Chairman and Chief Executive Officer of ACL said "This reorganization of ACL as a stand-alone company provides the best recovery to the creditors when compared to all the other alternatives we considered."
Under the terms of the plan, ACL will issue $225 million in new Senior Secured Notes, and approximately $138 million in new Junior Secured Notes in satisfaction of obligations to the Senior Secured Lenders. Five-year Maritime Lien Holder Notes will be issued to holders of maritime liens or in the alternative, a cash payout of as much as fifty cents on the dollar. In addition, holders of approximately $278 million of pre-petition bonds and other unsecured creditors will receive equity in ACL in satisfaction of their claims.
Norb Whitlock, President and Chief Operating Officer said "We appreciate the ongoing support our customers, our vendors, and most importantly, our employees, have provided during this process. We are also pleased that ACL will continue to be a vital part of the local economy as well as the inland marine industry."