Contact Information: For more information regarding Imperial Capital or this transaction, please contact: Press: Anna Halloran Jacob Imperial Capital, LLC (310) 246-3675 ahalloranjacob@imperialcapital.com
Imperial Capital Advises the First Lien Lenders in the Reorganization of Arclin Under Chapter 11 of the U.S. Bankruptcy Code and the Canadian Companies' Creditors Arrangement Act
| Source: Imperial Capital
LOS ANGELES, CA--(Marketwire - January 21, 2010) - Imperial Capital
announced today that Arclin's financial restructuring is complete as its
Plan of Reorganization and Plan of Arrangement as previously approved by
the US and Canadian Courts, respectively, have gone effective. Arclin,
based in Mississauga, Ontario, is a vertically integrated manufacturer of
adhesive resins and surface products employed in high performance adhesion
and surfacing applications.
Imperial Capital, LLC acted as financial advisor to the agent for the
pre-petition first lien lenders to Arclin. Arclin filed for protection
under the US Bankruptcy Code and the Canadian Companies' Arrangement Act in
July 2009 with a pre-negotiated plan among its prepetition secured
creditors. During the reorganization, a group of first lien lenders
provided a $25 million debtor-in-possession (DIP) Facility that was
refinanced at emergence by Bank of America into a $25 million revolving
credit facility.
In December 2009, the financial restructuring was approved by the US and
Canadian Courts providing for a reduction of funded indebtedness from over
$230 million to $60 million. Affiliates of Black Diamond Capital Management
and Silver Point Capital are now majority owners of the Company.
"Imperial Capital's comprehensive restructuring capabilities were integral
to the development and implementation of a consensual restructuring for
Arclin that provides an appropriate capital structure to position Arclin
for future success. This transaction underscores our capabilities not only
across the capital structure but also cross border," said Jason Reese,
Chairman and Chief Executive Officer of Imperial Capital.
About Imperial Capital, LLC
Imperial Capital, founded in 1997, is a
full-service investment banking firm with offices in Los Angeles, New
York, San Francisco, Boston, Houston and Minneapolis. The firm currently
employs over 170 professionals and offers a wide range of proprietary
products and services to institutional investors, middle market companies,
and private equity firms. Imperial Capital provides institutional clients
research and sales and trading of high yield and distressed debt
securities, bank debt, convertible bonds, preferred stocks, and equities.
The firm provides middle market companies and financial sponsors with
capital markets, merger and acquisitions, capital structure, restructuring
and recapitalization advisory services. More information about Imperial
Capital can be found at www.imperialcapital.com.
About Arclin
Based in Mississauga, Ontario, Arclin is a leading provider of innovative
bonding and surfacing solutions for the building and construction,
engineered materials and natural resource markets. Arclin provides bonding
solutions for a number of applications including wood based panels,
engineered wood, non-wovens and paper impregnation. As a world leader in
paper overlays technology, Arclin provides high value surfacing solutions
for decorative panels, building products and industrial specialty
applications for North American and export markets. Additional information
about the Company can be obtained by visiting the Company's web site at
www.Arclin.com