Page 23: of Marine News Magazine (January 2005)

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January, 2005 • MarineNews 23

The United States Bankruptcy Court,

Southern District of Indiana, New Albany

Division confirmed the Plan of Reorgani- zation for American Commercial Lines

LLC and its affiliated debtors. ACL and its affiliated debtors, including American

Commercial Barge Line LLC and Jeffboat

LLC, filed for Chapter 11 protection on

January 31, 2003. Richard L. Huber,

Chairman and Chief Executive Officer of

ACL said "We are extremely pleased to complete this reorganization process. The implementation of our Plan of Reorgani- zation provides the best possible recovery for our creditors and ensures the Compa- ny's future viability. Our efforts are now focused on completing the steps required to emerge from Chapter 11 on January 10, 2005." Under the terms of the Plan,

JPMorgan Chase Bank N.A., as Adminis- trative Agent for various lenders, will con- tinue to provide financing of approxi- mately $364M. ACL has also secured a $35M revolver facility from Bank of

America, N.A. and UBS Securities LLC.

Five-year Maritime Lien Holder Notes will be issued to holders of maritime liens or in the alternative, a cash payout of fifty cents on the dollar. Equity in ACL will be transferred to the holders of approximate- ly $278M of pre-petition bonds and other unsecured creditors in satisfaction of their claims. Eugene I. Davis, Richard L.

Huber, Nils E. Larsen, Emanuel L. Rou- velas, R. Christopher Weber and Clayton

Yeutter have agreed to serve as members of the ACL Board of Directors upon emergence.

Holden is New President, CEO

ACL announced that Mark R. Holden was selected as President and Chief Exec- utive Officer. Prior to joining the Compa- ny, Holden was Senior Vice President and

Chief Financial Officer of Wabash

National Corporation, where he held vari- ous officer-level positions for the past 12 years. In addition to his duties as the

Chief Financial Officer, Mr. Holden served on the Board of Directors of

Wabash National and in the Office of the

Chief Executive Officer. As a member of the Office of the Chief Executive Officer,

Mr. Holden oversaw a very successful turnaround and restructuring of the $1 bil- lion industrial company. Prior to joining

Wabash National in 1992, Mr. Holden spent 12 years at the international accounting firm of Arthur Andersen.

Holden earned a BA from Ball State Uni- versity and is a CPA. Richard L. Huber,

Chairman of ACL's Board of Managers and Interim CEO said, "We are very pleased to have Mark coming on board as the Company emerges from Chapter 11.

Mark's strong background in the trans- portation industry coupled with his expe- rience in both turnaround and growth sit- uations provides an ideal complement to the existing management team's strong focus on execution." Mark Holden com- mented, "I am looking forward to working with Norb Whitlock and the rest of the

ACL team as ACL emerges from Chapter 11 and regains a strong position in the transportation industry."

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Circle 215 on Reader Service Card

Circle 211 on Reader Service Card

ACL Plan of Reorganization Confirmed

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