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Pace Industries Successfully Completes Financial Restructuring

FAYETTEVILLE, Ark., June 2, 2020 /PRNewswire/ -- Pace Industries, LLC ("the Company") today announced that it has emerged from Chapter 11 bankruptcy protection, successfully completing its financial restructuring plan to deleverage the Company's balance sheet and create a sustainable capital structure. This milestone marks the implementation of the Company's Plan of Reorganization ("the Plan"), which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on May 29, 2020. The Company completed its restructuring in approximately a month and a half and met all commitments to the Company's stakeholders throughout the Chapter 11 process.The Company emerges from Chapter 11 protection with a strengthened balance sheet and well-positioned to realize the full benefit of its previously initiated operational improvements as well as additional cost structure improvements. Through the Plan, the Company has converted its existing senior secured notes into 100% of the equity of the reorganized Company and looks forward to benefiting from the support and operational expertise of its two largest senior secured lenders, TCW Group and Cerberus Capital Management, L.P. Effective immediately, Donald (Donnie) Hampton, Jr. has been appointed as Chief Executive Officer to lead the Company going forward."We begin this next chapter for Pace Industries as a financially stronger company, which will enable us to capture the full benefit of the cost-saving initiatives implemented prior to the COVID-19 outbreak as well as new market strategies," said Donnie Hampton, Jr., incoming Chief Executive Officer. "I am excited to lead Pace Industries forward as we execute on our strategic growth opportunities and continue to harness our market-leading capabilities to deliver for our customers as a fully-integrated provider."Mr. Hampton joins Pace Industries with more than two decades of industry experience and global P&L leadership. He has leveraged Six Sigma, Kanban, JIT and synchronous manufacturing strategies for companies such as Honeywell International (previously Allied Signal), Hayes Lemmerz, Rea Magnet Wire Company and, most recently, Faurecia. In his roles he has consistently ignited revenue and profit growth, equity value creation and world-class standards of operational excellence. He is a member of the Association for Manufacturing Excellence, Automotive Industry Professionals Worldwide and OPEX - Global Operating Excellence Network.
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