Expects to Deleverage Balance Sheet, Creating Sustainable Capital Structure
Initiates Voluntary, Prepackaged Chapter 11 Process to Achieve Its Financial Goals
Anticipates Completing the Process in Q2 2020, Paying All Unsecured Creditors in Full
Pace Industries, LLC (“the Company”) today announced that it has reached an agreement with its senior secured lenders on the terms of a comprehensive financial restructuring plan, which will deleverage the Company’s balance sheet. This agreement has support from 100% of the holders of its senior secured notes as well as its revolving credit facility lenders.