Company Overview of Champion Laboratories, Inc.
Champion Laboratories, Inc. manufactures and distributes automotive filters and PCV valves for original equipment manufacturers and the aftermarket. It offers oil, air, cabin air, fuel, labs fuel, transmission, fuel dispensing, heavy duty, and gas turbine filters. The company offers its products through distributors in the United States, Canada, and Mexico. Champion Laboratories, Inc. was formerly known as Kleen Pak Manufacturing Company and changed its name to Champion Laboratories, Inc. in 1959. The company was founded in 1955 and is based in Albion, Illinois with locations in Toronto, Canada; Saltillo, Mexico; Wujiang, China; York, South Carolina; Paris, France; Riverside, California; San...
200 South 4th Street
Albion, IL 62806
Founded in 1955
Key Executives for Champion Laboratories, Inc.
Vice President of Human Resources
Director of Aftermarket Sales
Director of Heavy-Duty Sales
Vice President of Sales & Marketing
Compensation as of Fiscal Year 2016.
Champion Laboratories, Inc. Key Developments
Reorganization Plan and Disclosure Statement Filed by UCI International, Inc.
Aug 26 16
UCI International, LLC filed a plan of reorganization with related disclosure statement in the US Bankruptcy Court on August 26, 2016. As per the plan filed, Administrative Expense Claims and Priority Tax Claims will be paid in full in cash. Priority Non-Tax Claims, Other Secured Claims, Convenience Claims, Intercompany Claims and Interests in the Subsidiary Debtors will be reinstated. Prepetition ABL Credit Facility Claims of $75.2 million comprising of revolving loan of $69.4 million and Letter of Credit of $5.8 million will either be paid in cash in full or any other treatment if this treatment is rejected. Senior Notes Claims of $427.95 million and General Unsecured Claims will receive 95% of the new common stock and allocation of liquidating trust. Section 510(b) Claims and Interests in UCI Holdings will be cancelled and would not receive any distribution. The plan will be funded through cash in hand, New First Lien Credit Facility of up to $140 million and second lien exit facility of up to $40 million. The debtor filed a revised plan of reorganization with related disclosure statement on September 30, 2016 As per the revised plan, Administrative Claims of $8 million to $10 million will be paid in full in cash. Prepetition ABL Credit Facility Claims of $69.44 million will be paid in full in cash. Holders of General Unsecured Claims shall receive pro rata share of new common stock or cash from the General Unsecured Claim Cash pool of $4.5 million. If the cash payment for general unsecured claims exceeds $4.5 million, then holders will get a proportion of the pool. Senior Notes Claims of $428.43 million will recover approximately 26% of the allowed amount and shall receive its GUC Pro Rata Allocation of New Common Stock and Notes Pro Rata Allocation of the Second Lien Rights Offering Facility and Rights Offering Stock Pro Rata Allocation that such party elected to purchase through the Rights Offering. There are no other changes in the treatment of other classes. The plan will be funded through cash in hand, $130 million from New First Lien Exit Facility, Rights Offering and issuance of new common stock. Debtor filed a further revised plan of reorganization with related disclosure statement on October 13, 2016. There were no changes in the treatment of classes of claims.
Motion for Asset Sale Filed by UCI International, Inc.
Jul 26 16
UCI International, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on July 26, 2016. The debtor seeks the Court’s approval for the sale of its certain assets to Talleres Mecanicos Montserrat, S.A. de C.V (TMM) through a private sale. The debtor’s assets include certain equipment and certain components of Fairfield Facility. As a part of the transaction, the debtor anticipate that it will transfer approximately $15 million in components in connection with the TMM Fuel Pump Transactions and the total value of the equipment to be sold to TMM pursuant to the TMM Equipment Sales will be less than $0.20 million. The debtor is not required to seek or solicit any additional bids for the assets.
Motion for Asset Sale Approved for UCI International, Inc.
Jul 12 16
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.
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