Remy Worldwide Holdings Inc. lenders have approved the Anderson company's bankruptcy reorganization plan by margins exceeding 98 percent, Remy announced yesterday.
Remy, which manufactures starters and alternators, slashed $360 million of debt by exchanging notes, canceling its equity interests and raising $85 million in equity. Secured creditors were paid in full.
In a statement, President and CEO John Weber said, "We are extremely pleased with the overwhelming support we received from our noteholders and we are working expeditiously to initiate our prepackaged Chapter 11 filing as planned."
Remy, formerly Delco Remy International Inc., was spun off from General Motors in 1994 to an investor group that included Delco Remy executive Tom Snyder.
Snyder left the firm in 2006 and led Flagship Enterprise Systems Center, an Anderson business development center, before being named president of Ivy Tech Community College in March.