Mark Knoy, President as well as Chief Executive Officer of American Commercial Lines: “Through this recapitalization process, we are creating an even stronger inland barge transportation leader.”
Jeffersonville, Ind.- headquarteredAmerican Commercial Lines Inc records that the UNITED STATE Bankruptcy Court for the Southern District of Texas, Houston Division has actually verified the business’s “pre-packaged” strategy to recapitalize business.
The business anticipates to finish its recapitalization as well as effectively arise from Chapter 11 in the coming weeks. On appearance, the business will certainly obtain $200 million in brand-new resources to sustain liquidity as well as financial investments in business as well as will certainly decrease its financed financial obligation by around $1 billion.
“We were able to reach this important milestone on an accelerated basis thanks to the continued support of our financial stakeholders, as well as our customers and business partners,” stated Mark Knoy, President as well as Chief Executive Officer ofAmerican Commercial Lines “Through this recapitalization process, we are creating an even stronger inland barge transportation leader, with greater financial flexibility and the ability to focus more of our resources on competing in the marketplace and investing in the business to support future growth. We have continued serving our customers and providing competitive and reliable barge transportation services, 24/7, without interruption. From our barges, to our towboats and our terminals, our operations are performing well and our team is more focused than ever making sure our customers remain our top priority.”
“We appreciate the positive feedback we received from our customers and business partners since we started this process and thank them for their continued support,” includedKnoy “I also want to thank our teammates for their continued hard work and focus on safely serving our customers. We look forward to completing this process shortly and remain focused on providing our customers the safest, most cost-effective and environmentally friendly barge transportation solutions they expect from us.”
