An Apollo Global Management LLC-owned lighting components firm said it has agreed on a restructuring plan to help reduce debt by $1.3 billion, as it grapples with supply chain constraints exacerbated by the war in Ukraine.
Bloomberg first broke the story and have now updated their article to state:
“Under the terms of the restructuring agreement, the existing secured lenders will take control of the company from Apollo in exchange for voting in favor of a deal that will reduce the company’s funded debt to about $400 million from around $1.7 billion, according to a court document. Creditors supporting the plan include Anchorage Capital Group, Nut Tree Capital Management and Brigade Capital Management, court papers show. They are among a group of firms that have promised to loan Lumileds new money and ultimately take ownership of the company.”
Read the entire article at Bloomberg.com
The petition shows the estimated number of creditors to be 1000 to 5000. In the document, Lumileds lists liabilities in the $100,000,001-$500 million range. Below are a few of the consolidated list of creditors who have the 30 largest unsecured claims against Lumileds Holding B.V.:
- JIANGXI JINGNENG SEMICONDUCTOR CO., LTD:. $597,737
- MICROSOFT: $536,548
- PACIFIC GAS & ELECTRIC: $498,749
- BT AMERICAS INC: $467,615
- SIEMENS INDUSTRY SOFTWARE INC: $299,627
- LINKEDIN: $180,352
The petitioner in the voluntary bankruptcy is Lumileds, LLC. According to the Corporate Ownership Statement, Lumileds USA (Holding) Corp is listed as a 100% equity security holder for Lumileds, LLC. The company shows a rider that lists the following affiliates:
- Lumileds Holding B.V.
- Aegletes B.V.
- Aurora Borealis B.V.
- Bright Bidco B.V.
- Lumileds International B.V.
- Lumileds LLC
- Lumileds Netherlands B.V.
- Lumileds Subholding B.V.
- Lumileds USA (Holding) Corp.
- Luminescence Coöperatief U.A.
EdisonReport has reached out to CEO Matt Roney, and CFO Jan Paul Teuwen, but we have not heard back.