Brief: Lumileds Announces Agreement With Requisite Lenders On The Terms Of A Comprehensive Financial Restructuring To Accelerate Long-Term Growth

Rambus

29/08/2022 06:37

Aug 29 (Reuters) - 
    * LUMILEDS ANNOUNCES AGREEMENT WITH REQUISITE LENDERS ON THE
TERMS
OF A COMPREHENSIVE FINANCIAL RESTRUCTURING TO ACCELERATE
LONG-TERM GROWTH
    * LUMILEDS - TRANSACTION WILL RESULT IN STRONG LIQUIDITY
POSITION
AND SIGNIFICANT DE-LEVERAGING THROUGH DEBT REDUCTION OF $1.3
BILLION
    * LUMILEDS HOLDING- RECEIVES COMMITMENTS FOR $275 MILLION IN
DEBTOR-IN-POSSESSION FINANCING WHICH WILL ROLL INTO 5-YEAR EXIT
FACILITY
    * LUMILEDS HOLDING - TO IMPLEMENT RESTRUCTURING PLAN, CO
COMMENCES
VOLUNTARY PREPACKAGED CHAPTER 11 PROCEEDINGS, LIMITED TO US &
NETHERLANDS OPERATIONS
    * LUMILEDS HOLDING - COMPANY EXPECTS THAT EMPLOYEES WILL
CONTINUE
TO RECEIVE THEIR USUAL WAGES AND BENEFITS WITHOUT INTERRUPTION
    * LUMILEDS HOLDING - EXPECTS TO MEET REQUIREMENTS TO CONFIRM
PLAN
AND EMERGE FROM CHAPTER 11 WITHIN APPROXIMATELY SIXTY DAYS

Source text for Eikon:  ID:nBw9PYSJva 

 ((Reuters.Briefs@thomsonreuters.com;))