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February 12, 2016 3:45 PM ET

Auto Components

Company Overview of Chassix Inc.

Company Overview

Chassix Inc. develops, manufactures, and supplies precision chassis casting and machining solutions for the automotive manufacturers worldwide. It offers chassis products and assemblies, such as upper and lower control arms assemblies, front and rear cross products, front and rear steering knuckles, brake anchors and caliper housings, wheel hubs, spindles and stems, and links. The company also offers brake corners, and front and rear modules and assemblies that include knuckles and spindles, brake calipers and park brakes, rotors, bearings and hub bearing assemblies, dust and splash shields, fasteners, and brake cables. In addition, it offers powertrain products, such as engine blocks, intak...

300 Galleria Officentre

Suite 501

Southfield, MI 48034

United States

Founded in 1978

Phone:

248-728-8700

Fax:

248-647-7811

Key Executives for Chassix Inc.

Chief Executive Officer
Age: 53
Senior Vice President of Operations and Casting
Age: 63
President of North America
Vice President of Engineering & Launch
Vice President of Sales
Compensation as of Fiscal Year 2015.

Chassix Inc. Key Developments

Chassix Inc. Successfully Completes Prearranged Restructuring and Emerges from Chapter 11 with $300 Million in New Financing; Announces New Board of Directors

Chassix Holdings Inc. and its U.S. subsidiaries announced that Chassix has successfully completed its prearranged restructuring and recapitalization and emerged from Chapter 11 bankruptcy protection. Through its prearranged Chapter 11 plan, Chassix substantially reduced its outstanding debt obligations, secured approximately $300 million in new exit financing, including $150 million from certain of the Company’s prepetition noteholders, and secured significant long-term new business commitments and support from its large customers. Chassix also announced a newly constituted Board of Directors, effective in conjunction with the Company’s emergence from Chapter 11, comprised of: Fred Bentley: He currently serves on the board of directors of Dexter Axle Company, GT Technologies and Sea Star Solutions. Previously, Mr. Bentley served as President and Chief Executive Officer of Maxion Wheels. Jonathan F. Foster: He is the Founder and Managing Director of Current Capital. Mr. Foster currently serves on the board of directors of five public companies Berry Plastics Corporation, Chemtura Corporation, Lear Corporation, Masonite Corporation and Sabine Oil & Gas Corporation. Richard E. Newsted: He currently serves on the board of directors of NIBCO Inc., Dayco, LLC, Titan Outdoors Holdings, LLC, Pacific Crane Maintenance Company, LLC, OHH Acquisition Corporation, Rotech Healthcare Inc., United States Steel Canada Inc., The Greeley Company, Mirabela Nickel Limited, AVI-SPL Holdings Inc., GT Advanced Technologies Inc., and Univita Health Inc. Randal Klein: He is a Portfolio Manager at Avenue Capital Group. Mr. Klein currently is a Director, Chairman of the Finance Committee, Chairman of the Strategic Review Committee and Member of the Risk Committee for MagnaChip Semiconductor Corporation, and an Official Board Observer for QCE Finance LLC. Michael Kreger: He is a Vice President in the opportunities funds of Oaktree Capital Management, L.P. Mr. Kreger is currently a member of the board of directors of Tribune Media Company and a member of the board of directors and audit committee of Aleris Corporation.

Modified Second Amended Reorganization Plan Approved for Chassix Holdings, Inc.

The US Bankruptcy Court approved the modified second amended plan of reorganization of Chassix Holdings, Inc. on July 9, 2015. The debtor had filed its modified second amended plan in the Court on June 30, 2015. As per the plan filed, Administrative Claims of $88.33 million, Priority Tax Claims of $4.5 million, Other Priority Claims of $1 million, Fee Claims, Revolving DIP Facility of $150 million, DIP Term Loan of $100 million, Other Secured Claims of $11 million and Prepetition Revolving ABL Facility Claims of $150 million will be paid in full in cash. Secured Note Claims of $396.19 million will be paid in the form of equity with a recovery of 72.80%. Intercompany Claims will be reinstated. Subordinated Securities Claims will not receive any distribution. General Unsecured Trade Claims of $34 million will be paid $12 million in full satisfaction of its claims. Other General Unsecured Claims of $40 million will have a recovery of $4 million in cash. Unsecured Note Claims of $161.01 million will be paid $4 million in cash and $15.16 million in the form of equity. Existing Chassix Holdings Equity Interests will be cancelled with no distribution and Intercompany Interests will be reinstated. The plan will be funded by cash in hand, issuing term loans and revolving credit facility and new common stock.

Second Amended Reorganization Plan & Related Disclosure Statement Filed by Chassix Holdings, Inc.

Chassix Holdings, Inc. filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on April 24, 2015. Treatment of all the classes of claims remain same as per the previous plan. Debtor filed modified second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on June 23, 2015. As per the modified plan, other priority claims will be in range of $0 - $1 million, other secured claims in range of $10 million to $11 million. Secured note claims will have recovery of 72.8%. Unsecured Note claims will have revised recovery of 11.9%. General unsecured trade claims will be in range of $30 million to $34 million, with a recovery of 35% - 40%. Other General unsecured claims will have revised recovery of 10%. Unsecured note claims will receive pro-rata share of unsecured noteholder common stock distribution, new warrants to purchase additional 3% common stock and unsecured noteholder cash distribution of $4 million. General Unsecured Trade Claims shall receive its pro-rata share of trade claim distribution in cash and for any sub-class of general unsecured trade claims, that votes to accept the plan, shall receive, in addition to the foregoing distribution, its pro-rata share of enhanced general unsecured trade distribution of $7 million. In the event any sub-class votes to reject the plan, the holders shall not receive enhanced general unsecured trade distribution. Other General Unsecured Claims that votes to accept the plan, shall receive pro-rata share of $4 million distribution. In the event any sub-class votes to reject the plan, the holders shall not receive any distribution. Treatment of all the other classes of claims remain same as per the previous plan. Chassix Holdings, Inc. filed a modified second amended plan of reorganization in the US Bankruptcy Court on June 30, 2015. As per the plan filed, there are no changes in the treatment of claims.

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