J.L. French Secures $130M For Restructuring

Law360, New York (February 13, 2006, 12:00 AM EST) -- Auto parts maker J.L. French Automotive, now operating under bankruptcy protection, has secured a $130 million equity influx, reaching an agreement with several of its creditors that stipulates an extensive balance sheet restructuring.

As part of the plan, J.L. French will repay $295 million in first lien debt and convert $170 million in second lien debt into equity.

This restructuring will allow the company to reduce its debt levels by $300 million and to remove $200 million in preferred securities from its books.

J.L. French has...
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