Jason Industries Reorganization Plan Confirmed by New York Court

The U.S. bankruptcy court for the Southern District of New York confirmed Jason Industries’ reorganization plan, the company reported in a statement.

• The confirmation will allow Jason Industries to complete its Chapter 11 restructuring and emerge in the coming days as a private company owned by senior secured lenders including Monomoy Capital Partners and Credit Suisse Asset Management
  • Each entity will appoint representatives for the new board of directors
• Company’s common and preferred stock will be cancelled and holders will not receive recovery
• Company will reduce debt by $250 million
• Company will enter a $30 million ABL credit facility ...