December 13, 2017 9:41 PM ET

Auto Components

Company Overview of DACCO/Detroit of Kentucky, Inc.

Company Overview

DACCO/Detroit of Kentucky, Inc. manufactures and distributes torque converters and transmission parts for automotive industry. It offers hard parts, soft parts, and custom performance plus torque converters for street, drag strip, or off-road use, as well as heavy duty units that are upgraded with billet lids, heavy duty bearings, and multi-plate clutch systems. The company is based in Louisville, Kentucky. DACCO/Detroit of Kentucky, Inc. operates as a subsidiary of DACCO, Inc.

3899 Produce Road

Unit 118

Louisville, KY 40218

United States

Phone:

502-962-8828

Fax:

502-962-8737

Key Executives for DACCO/Detroit of Kentucky, Inc.

DACCO/Detroit of Kentucky, Inc. does not have any Key Executives recorded.

DACCO/Detroit of Kentucky, Inc. Key Developments

First Amended Reorganization Plan and Disclosure Statement Approved for DACCO Transmission Parts (NY), Inc.

The US Bankruptcy Court approved the first amended plan of reorganization and disclosure statement of DACCO Transmission Parts (NY), Inc. on March 21, 2017. 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 $424.47 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. Non-Crossover Second Lien Credit Agreement Claim of $110.70 million will receive distribution for $8.6 million. Holders of Second Lien Credit Agreement Claims other than Non-Crossover Second Lien Credit Agreement Claims shall be deemed to have waived such Claims pursuant to the Restructuring Support Agreement and shall not receive any recovery under the Plan on account of such Claims. Electing Ordinary Course General Unsecured Claims of $9.30 million will be paid in the ordinary course of business. Holders of Other General Unsecured Claims of $13.4 million shall receive their 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.

First Amended Reorganization Plan and Disclosure Statement Filed by DACCO Transmission Parts (NY), Inc.

DACCO Transmission Parts (NY), Inc. filed an amended plan of reorganization with related disclosure statement on February 21, 2017. As per the plan filed, Non-Crossover Second Lien Credit Agreement Claim of $110.70 million will receive distribution for $8.6 million. Holders of Second Lien Credit Agreement Claims other than Non-Crossover Second Lien Credit Agreement Claims shall be deemed to have waived such Claims pursuant to the Restructuring Support Agreement and shall not receive any recovery under the Plan on account of such Claims. Electing Ordinary Course General Unsecured Claims of $9.30 million will be paid in the ordinary course of business. Holders of Other General Unsecured Claims of $13.4 million shall receive their pro rata share of $0.50 million. There are no changes in the treatment of other claim classes. Debtor filed a supplement to the plan on February 22, 2017.

Final DIP Financing Approved for DACCO Transmission Parts (NY), Inc.

The US Bankruptcy Court gave an order to DACCO Transmission Parts (NY), Inc. to obtain DIP financing on final basis on December 23, 2016. As per the order, the debtor has been authorized to obtain a delayed draw term loan credit facility in the amount 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.

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