July 24, 2016 7:55 AM ET

Auto Components

Company Overview of UCI International, Inc.

Company Overview

UCI International, Inc. designs, develops, manufactures, and distributes replacement parts for light vehicles in the United States and internationally. The company offers filtration products, such as oil, air, fuel, transmission, cabin air, hydraulic, and fuel dispensing filters, as well as PCV valves and fuel/water separators under the ACDelco, Motorcraft, K&N, and Service Champ private label brands; STP and Mobil 1 consumer brands; and Champ, Luber-finer, ACE, and Kleener proprietary brands. It also offers fuel delivery systems consisting of fuel pump assemblies, electric and mechanical fuel pumps, and strainers and kits under the Airtex proprietary brands, as well as under the CARQUEST an...

1900 West Field Court

Lake Forest, IL 60045

United States

Founded in 1958

Phone:

847-482-2045

Key Executives for UCI International, Inc.

Chief Financial Officer, Vice President, and Director
Age: 56
President of Fram Group's Autolite Sparkplug Businesses
Compensation as of Fiscal Year 2016.

UCI International, Inc. Key Developments

Motion for Asset Sale Approved for UCI International, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of UCI International, LLC on July 12, 2016. The debtor has been authorized to sell its certain de minimis assets with value of less than $5 million. For assets with selling price of less than $0.5 million, the debtor shall be authorized to consummate the sale without providing any advance notice to the interested parties and without any further Court authorization. The Debtor should exercise their business judgment that such Sale is in the best interests of their estates and is consistent with the terms of the Cash Collateral Order or post-petition financing order and the assets are free of any liens. For assets with selling price greater than $0.15 million but less than $1 million, the debtors will be required to serve notices to the related parties and shall consensually resolve the objections, if any.

Motion for Asset Sale Filed by UCI International, Inc.

UCI International, LLC filed a motion in the US Bankruptcy Court for the sale of its certain assets on June 16, 2016. The debtor seeks the Court’s approval for the procedure of sale of its de minimis assets with value of less than $5 million. The debtor requests the Court that it shall be authorized to sell the assets without any further authorization from the court for sale of less than $5 million. For assets with selling price of less than $0.5 million, the Debtor should exercise their business judgment that such Sale is in the best interests of their estates and is consistent with the terms of the Cash Collateral Order or post-petition financing order and the assets are free of any liens. For assets with selling price of more than $0.5 million but less than $5 million, the debtors will also be required to serve notices to the related parties and shall consensually resolve the objections, if any. Pursuant to this, the sale will be deemed final and fully authorized by the court.

UCI Holdings Limited Enters in Forbearance Agreement with Noteholders

UCI Holdings Limited announced that it and UCI International LLC and UCI Acquisition Holdings (No.3) Corp. have entered into a forbearance agreement with holders of more than 80% of its 8.625% senior unsecured notes (the “Notes”) with respect to the non-payment of the interest payment due on February 16, 2016. Under the terms of the indenture governing the Notes, the Company had a 30-day grace period for interest payments. This agreement provides that during the forbearance period the Noteholders will not seek to enforce any remedies against the Company as a result of the event of default due to the failure to make the interest payment. This forbearance arrangement may be terminated on short notice. The Company is engaged in discussions with representatives of these Noteholders. The Company believes it has sufficient liquidity to continue meeting all of its obligations to employees, customers, and suppliers while these forbearance arrangements remain in effect.

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