Aim is to protect jobs, pensions and ongoing operations at the Hamilton and Lake Erie facilities.
Value of KPS’s joint bid with several lenders not disclosed.
Lake Erie and Hamilton Works operations employ about 2,000 workers.
American parent company requires the $185 million loan be first to be repaid.
Produces hybrid components, powertrain systems for commercial vehicles
Previous plan failed to win support from lenders, unionized workers.
Pulp and paper producer Catalyst Paper has secured up to $175 million in financing as it moves forward with restructuring under court protection from creditors.
Insolvent Timminco and its Becancour Silicon subsidiary have received a commitment for US$4.25 million to fund the insolvent specialty metal producers’ operations while they restructure under court protection from creditors.
Finding your way to financial stability doesn’t have to be complicated. Look at refinancing, restructuring or selling.
Many manufacturers may not feel the long-anticipated amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies Creditors Arrangement Act (CCAA)—which come into force on Sept.18—are a cause for excitement. While the amendments provide owners of financially stressed businesses…