ACBL completes recapitalization
Written by Nick Blenkey
Mark Knoy, President and Chief Executive Officer of ACBL: “Having quickly completed our recapitalization, we are a stronger company with the financial flexibility to build on our decades-long legacy of industry leadership.”
American Commercial Barge Line Holding Corp., as successor to American Commercial Lines Inc., today announced that it has successfully completed its recapitalization and emerged from Chapter 11.
ACBL says it is moving forward as an inland barge transportation leader and continuing to provide customers with safe, reliable and competitive solutions.
It says that with $200 million in new equity capital and having reduced its funded debt by approximately $1 billion, it has a strong financial foundation to support investments in future growth initiatives.
“Today is in an important day for our company, our team members, our customers and our business partners,” said Mark Knoy, President and Chief Executive Officer of ACBL. “Having quickly completed our recapitalization, we are a stronger company with the financial flexibility to build on our decades-long legacy of industry leadership. Looking ahead, we will be able to devote our available resources to competing in today’s market. We look forward to continuing to provide the safest, most cost-effective and environmentally friendly barge transportation solutions for many years to come.”
Milbank LLP served as the company’s legal counsel, Greenhill & Co. served as its financial advisor and Alvarez & Marsal North America, LLC. served as restructuring advisor.
