Auto-Glass
Concern Safelite Glass Files Bankruptcy Petition
NEW YORK -- Safelite Glass Corp., a
major producer of glass for the automotive aftermarket, filed for
bankruptcy court protection Friday, listing assets of $559.2 million
and liabilities of $591.4 million.
The Columbus, Ohio-based company
filed a Chapter 11 petition in federal. Bankruptcy Court in
Wilmington, Del.
In the petition, Safelite said it has
hired the Blackstone Group L.P. and Deloitte & Touch L.L.P. as
financial advisers to assist it in the proceedings.
The company estimated it has more
than 1,000 creditors and said funds would be available for
distribution to unsecured creditors.
In March, Safelite signed a waiver
agreement with its senior bank lender, waiving certain defaults,
through Friday, under its $388 million bank facility. The bank said
the waiver would allow it to operate as usual. At the same time,
Safelite said it had begun discussions with holders of certain bonds
about a possible capital restructuring.
Two months later, Safelite and
auto-parts seller Pep Boys-Manny, Moe & Jack announced a
cross-licensing to promote co-branded automobile glass replacement and
repair service.
Safelite Glass operates Safelite
AutoGlass service centers, mobile vans and auto-glass warehouses in
all 50 states.
According to the Chapter 11 petition,
Thomas H. Lee Equity Fund III L.P. and Belron (USA) BV both own or
hold at least 5% of the company's voting securities. As of Jan. 1,
there were 90,000 shares of the company's preferred stock outstanding,
held by 50 individuals, and 13.8 million Safelite Glass common shares
outstanding, held by 64 individuals.
Related Links:
AGRR Magazine
1st Reported June 8, 2000
Safelite SGC Networks Correspondence
Safelite lists over 1,000 Unsecured Creditors
View the Court Documents
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