The Fayetteville, Arkansas-based manufacturer lists KPI Holdings LLC of New York as its ultimate parent, which also seeks Chapter 11 protection in Delaware federal court.
- Pace specializes in aluminum, zinc and magnesium die casting, per website
- Serves automotive, recreational lawn and garden, lighting and electrical, medical, among others
- The company told Michigan officials April 8 it was
temporarily shutting its Muskegon plant for about 6 months and laying off about 450 people, citing Covid-19 impact - Estimated assets and liabilities of $100m to $500m
- FTI Consulting is named as financial adviser; provides co-chief restructuring officers
- Other advisers include Willkie Farr & Gallagher LLP as legal counsel and Kurtzman Carson Consultants as claims agent
- Co. sees approval for $50m DIP loan, with TCW Asset Management as administrative agent; also seeks $125m revolver to fund working capital
- The case is Pace Industries Inc.,
20-10933 , District of Delaware
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