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Accuride looks to conduct $140 million convertible rights offering
By Caroline Salls
Pittsburgh, Dec. 1 - Accuride Corp. requested court approval to conduct a $140 million rights offering in connection with its plan of reorganization, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
Under the proposed plan, the company will offer rights to purchase $140 million of 7.5% senior convertible notes due 2020 to holders of its senior notes who are accredited investors.
The rights offering will be backstopped by Blackrock Financial Management, Inc., Brigade Capital Management, LLC, Sankaty Advisors, LLC and Tinicum Lantern II LLC.
Accuride said the rights offering will provide it with "much needed liquidity."
A hearing is scheduled for Dec. 18.
Accuride, an Evansville, Ind.-based manufacturer and supplier of commercial vehicle components, filed for bankruptcy on Oct. 8 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-13449.
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