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15/10/2009 - DAYCO PARENT COMPANY EMERGES FROM CHAPTER 11
Less than five months after AAAA member company Dayco's parent company, Mark IV Industries, voluntarily entered petitions for Chapter 11 of the U.S. Bankruptcy Code, it has announced that the Bankruptcy Court of the Southern District of New York has confirmed the company's plan of re-organisation. This enables Mark IV Industries to emerge from Chapter 11 in October. This outstanding turn-around has been achieved by Mark IV Industries having reduced the company's debt obligation by approximately $US800 million during this short timeframe. During the company's brief Chapter 11 filing, customers across all of its businesses continued to receive superior customer service with no interruption to product supply. Importantly, Mark IV Industries was able to achieve all of its restructuring goals without the need for special assistance from its customers. Dayco's Australian and New Zealand Original Equipment and Automotive Aftermarket businesses were not affected by the Chapter 11 filing in any way and these markets have continued to perform strongly throughout this period. Dayco Australia Managing Director David Duncan bestowed praise on the fast-paced efforts of Dayco's parent company. "I wish to add my own congratulations for the outstanding achievement by our senior global management team in restructuring the operations and organising the exit financing in such a short period of time. The Dayco Team and I look forward to working with all of our customers and suppliers in the next exciting chapter of our company's history," he said. Mark IV Industries also announced that Jim Orchard and Mark Barberio will perform the roles of co-chief executive officers of the company. Mr Orchard served as the company's interim CEO during the restructuring, while Mr Barberio joined the company in 1985 and will also continue in the role of Chief Financial Officer. According to Mark IV Industries Co-CEO Jim Orchard, "Today the Court cleared the path for Mark IV to emerge from Chapter 11 quickly with a strong, stable platform from which to operate, invest and grow our business. This is a tremendous accomplishment." Mark IV Industries Chief Financial Officer and Co- CEO Mark Barberio stated, "We are in a significantly stronger position today than we have been in the last nine years. Now with a more rational capital structure, we look forward to not only providing the innovation, products and services that our customers worldwide have come to expect from Mark IV, but also a future in which we can re-invest in our global businesses and continue to grow." The Dayco brand remains an international automotive aftermarket leader in all regions in which Mark IV Industries operate, including in Australia and New Zealand. The company maintains 18 manufacturing facilities and more than 20 distribution and technical centres around the world, employing 4,200 people to ensure that their customers' receive premium quality products aligned with extraordinary levels of sales support.
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