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February 13, 2016 9:25 AM ET

Metals and Mining

Company Overview of Revstone Industries, LLC

Company Overview

Revstone Industries, LLC, through its subsidiaries, designs, engineers, and manufactures components for use in the transportation and heavy truck industries. It offers gray iron shell mold castings for automotive, heavy truck, industrial, and construction industries; dampers for correcting driveline, and powetrain noise vibration and harshness; and plastic injection production molds, aluminum prototype and production molds, die casting tooling, progressive dies, transfer/line dies, and special machines for automotive and industrial industries. The company also offers converter housings, magnesium instrument panel dies, cast aluminum engine blocks, oil pans, and low pressure and high pressure...

2250 Thunderstick Drive

Suite 1203

Lexington, KY 40505

United States

Founded in 2005

Phone:

859-294-5590

Key Executives for Revstone Industries, LLC

President
President of Revstone China
Vice President of Operational Improvement
Compensation as of Fiscal Year 2015.

Revstone Industries, LLC Key Developments

Joint Reorganization Plan Approved for Revstone Industries, LLC

The US Bankruptcy Court approved the joint plan of reorganization of Revstone Industries, LLC on March 23, 2015. The debtor had filed its joint plan in the Court on December 10, 2014. As per the amended plan, administrative expenses, United States trustee fees, tax claims, professional fee claims and priority non-tax claims shall be paid in full in cash. Non BFG general unsecured claims of Revstone shall receive a recovery of 7.2%, general unsecured claims of Spara receive a recovery of 4.1%, BFG general unsecured claims of Revstone shall receive no distribution under the plan. General unsecured claim of US Tool & Engineering, LLC and general unsecured claims of Greenwood shall receive no distribution under the plan. All the interests in the debtors shall be cancelled and will receive a contingent interest in the net distributable assets remaining, if any, after all allowed claims and administrative expenses have been paid or otherwise satisfied in full.

Motion for Asset Sale Approved for Revstone Industries, LLC

The US Bankruptcy Court gave an order approving the sale of the subsidiary of Revstone Industries, LLC on June 25, 2014. The debtor has been authorized to sell its subsidiary, Revstone Wallaceburg Canada, Inc., to Zynik Capital Corporation, the stalking horse bidder for a purchase price of $12.93 million in cash. The debtor’s assets include 25.95 million shares in AarKel Tool and Die Inc. At the auction held, Zynik Capital Corporation emerged as the winning bidder by offering a purchase price of $12.93 million.

Reorganization Plan Filed by Spara, LLC

Spara, LLC, affiliate of Revstone Industries, LLC, filed a plan of reorganization in the US Bankruptcy Court on June 3, 2014. As per the plan filed, administrative expenses of $0.50 million, United States Trustee fees, tax claims, priority non-tax claims and professional fee claims shall be paid in full in cash. Miscellaneous secured claims shall be reinstated, or paid in full in cash or surrendered the collateral. General unsecured claims shall be paid a pro rata share of the net distributable assets but aggregate distributions shall not exceed the full allowed amount of such claim. They shall be entitled to the payment of postpetition interest only if excess net distributable assets remain after all allowed claims and administrative expenses have been paid in full. PBGC Claims of $95 million shall receive maximum $77 million as recovery. Interests in Spara shall be suspended and receive no distributions. Interests shall receive a contingent interest in the net distributable assets remaining, if any, after all allowed claims and administrative expenses have been paid in full. The plan shall be funded from cash on hand and proceeds from the sale or other disposition of the remaining property of the Spara.

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