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Remy International files plans for public offering

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Pendleton-based Remy International Inc., the former General Motors Co. unit that exited bankruptcy in 2007, has filed plans to raise up to $100 million through an initial public stock offering.

In the registration, which was filed Friday, Remy said it intends to apply for its old RMYI ticker symbol.

Remy, a manufacturer of starter motors, alternators and hybrid electric motors for consumer and commercial vehicles, said it plans to use money from the offering for “general corporate purposes, which may include debt reduction, acquisition of one or more companies or businesses, and product and geographic expansion.”

IBJ reported in January that Remy was considering a stock offering.

JP Morgan Chase & Co., Bank of America/Merrill Lynch and UBS Investment Bank are acting as joint book-running managers.

The company posted a $105.7 million operating profit on $1.1 billion in revenue in 2010.

Remy said it had 5,717 employees as of Dec. 31, including 1,453 salaried workers and 4,264 hourly employees. It said 830 of the employees were based in the United States and 3,026 were represented by trade unions. About 360 work in Pendleton and Anderson.

Formerly known as Delco Remy, the company traces its roots to brothers Frank and Perry Remy, who developed magnetos, generators that used magnets to help start early automobiles. GM acquired Delco Remy in 1918 and spun it off in 1995. Remy changed its name to Remy International in 2004 and spent less than two months in bankruptcy in 2007.

Last year, the company refinanced its debt and started the process of eliminating its preferred class of shares.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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