Lumileds Agrees With Requisite Lenders on Restructuring

Lumileds Holding B.V. has entered into a restructuring support pact with lenders holding a significant majority of its loans under its prepetition first lien debt facility, company says in statement.

• The agreement would de-leverage and strengthen Lumileds’ balance sheet by over $1.3b
  • To consider commitment from some lenders of as much as $275m in debtor-in-possession financing
• A prepackaged Chapter 11 plan involving only Lumileds’ US and Dutch entities has commenced in the US Bankruptcy Court for the Southern District of New York
  • Lumileds’ other foreign subsidiaries and affiliates aren’t included in the filing and are unaffected by the Chapter ...