Company Overview of Transtar Industries, Inc.
Transtar Industries, Inc. distributes transmission and drive train products to the automotive aftermarket in the United States, Puerto Rico, Canada, and internationally. The company offers Allison transmissions, differentials, electrical, fluids and filters, hard parts, manuals and services items, remanufactured transmissions, soft parts, standard transmissions and transfer cases, tools and equipment, torque converters, transmission rebuild kits, valve bodies, and wheel-end parts. Its customers range from independent and franchise transmission repair shops to production rebuilders and resellers, and full-service automotive repair businesses. The company offers its products through sales repr...
7350 Young Drive
Cleveland, OH 44146
Founded in 1975
Key Executives for Transtar Industries, Inc.
Senior Vice President of Operations and Remanufacturing
Chief Executive Officer of Transtar Holding Company
Chief Administrative Officer and Executive Vice President of Performance Group
Chief Financial Officer of Transtar Holding Company and Executive Vice President of Transtar Holding Company
Regional Vice President of West
Compensation as of Fiscal Year 2016.
Transtar Industries, Inc. Key Developments
Interim DIP Financing Approved for DACCO Transmission Parts (NY), Inc.
Nov 23 16
The US Bankruptcy Court gave an order to DACCO Transmission Parts (NY), Inc. to obtain DIP financing on an interim basis on November 23, 2016. As per the order, the debtor has been authorized to obtain a delayed draw term loan credit facility in the amount of $30 million out of $69.7 million from SPCP GROUP, LLC and others with Silver Point Finance, LLC acting as the administrative agent. The DIP loan would either carry an interest rate of base rate plus 6% p.a. with a floor of 2.25% p.a. or Eurodollar rate plus 7% with a floor 1.25% p.a. along with an additional 2% p.a. interest in the event of default. The DIP facility would mature either on the effective date of the plan or 4 months from the date of voluntary petition or the date on which the commitment of the lenders to make loans are terminated, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $1.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds will be used for working capital purposes. The final hearing date has been scheduled for December 20, 2016.
Reorganization Plan and Disclosure Statement Filed by DACCO Transmission Parts (NY), Inc.
Nov 20 16
DACCO Transmission Parts (NY), Inc. filed pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on November 20, 2016. As per the plan filed, Administrative Claims, US Trustee Fee Claims, Priority Tax Claims, Other Priority Claims of $3.60 million, DIP Claims, Fee Claims and Other Secured Claims of $1.80 million will be paid in full. Holders of First Lien Credit Agreement Claims of $424.60 million will be issued 100% of the New Common Stock of Reorganized Speedstar, 100% of the New PIK Notes of $60 million and remaining term loans of $200 million. General Unsecured Claims of $192.40 million will receive pro rata share of $0.50 million. Intercompany Claims of $2 million will either be Reinstated or cancelled in the Reorganized Debtors’ discretion. Intercompany Interests shall either be Reinstated or cancelled in the Reorganized Debtors’ discretion. Existing Interests shall be cancelled on the Effective Date. The plan will be funded from cash in hand, issuance of New PIK Notes and Remaining Term Loan amended agreement, senior exit facility and issuance of new common stock.
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