January 23, 2017 8:26 AM ET

Metals and Mining

Company Overview of Boomerang Tube LLC

Company Overview

Boomerang Tube LLC manufactures oil country tubular goods (OCTG) and line pipes from hot rolled steel coils. It offers OCTG casing and tubing, and electric resistance welded OCTGs. The company also provides NDT inspection and testing solutions; third party inspection for heat treat--in-line; and grade services. The company was incorporated in 2007 and is based in Chesterfield, Missouri. As of March, 2008, Boomerang Tube LLC operates as a subsidiary of Access Industries, Inc.

14567 North Outer Forty

Suite 500

Chesterfield, MO 63017

United States

Founded in 2007

Phone:

636-534-5555

Fax:

636-534-5666

Key Executives for Boomerang Tube LLC

President and Chief Operating Officer
Age: 63
Chief Financial Officer and Vice President
Vice President of Sales & Marketing
Compensation as of Fiscal Year 2016.

Boomerang Tube LLC Key Developments

Second Amended Reorganization Plan and and Disclosure Statement Approved for Boomerang Tube LLC

The US Bankruptcy Court approved the second amended plan of reorganization and disclosure statement of Boomerang Tube LLC on January 27, 2016. The debtor had filed its second amended plan in the Court on December 18, 2015. As per the amended plan, Administrative Claims, Professional claims of debtors of $1 million, Professional claims of committee of $0.2 million, priority tax claims and other priority claims will be paid full in cash. DIP ABL Facility Claims of $85 million, DIP Term Facility Claims of $60 million, Other secured claims and ABL Facility Claims of $30 million will be paid in full in cash. Heat Treat Line Secured Claims of $9.75 million will be paid in full in the form of debt. Term Loan Facility Claims of $214 million will be paid $55 million in the form of debt and 100% of the new common stock. General Unsecured Claims will have a recovery of 6% in cash. Intercompany Claims will be reinstated. Intercompany Interests will be reinstated. Boomerang Preferred Units, Boomerang Common Units and Boomerang Other Equity Securities will be cancelled and will not receive any distribution. The plan will be funded by cash, issuance of common stock and raising of debt.

Second Amended Reorganization Plan and Disclosure Statement Filed by Boomerang Tube LLC

Boomerang Tube, LLC filed a second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on December 18, 2015. As per the plan filed, Professional Claims of debtor of $1 million and Professional Claims of Committee of $0.2 million will be paid in full in cash. Heat Treat Line Secured Claims of $9.75 million will be paid by issuing Class 5 Note. General Unsecured Claims will have a recovery of 6%. There are no other changes in the treatment of claims. Debtor filed plan supplement in the US Bankruptcy court on January 15, 2016. As per the plan supplement the exit facility of $85 million shall consists of term A loan in the amount of $66 million and term B loan in the amount of $22 million. Class 5 note in the amount $9.75 million shall consists of Class 5 Note – SBI Lender in the amount of $4.66 million and SBI Class 5 Note in the amount of $5.09 million. Debtor filed amended plan supplement in the court on January 26, 2016. The Exit ABL facility in the amount of $25 million shall bear interest at a rate per annum equal to 15% pa and would mature 18 months after the closing date of the Exit ABL Facility.

First Amended Reorganization Plan Rejected for Boomerang Tube LLC

The US Bankruptcy Court gave an order rejecting the first amended plan of reorganization of Boomerang Tube LLC on November 10, 2015. The debtor had filed its amended plan in the Court on August 9, 2015.

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