Heywood Williams Announces Restructuring Vote
Heywood Williams Group PLC, the parent company of Elkhart, Ind.-based RV industry supplier LaSalle Bristol, has announced the signing of a long-term financial restructuring agreement with its UK Banking Syndicate, the company reports. Upon shareholder approval, this will result in a $34 million debt exchange for equity and a $10 million increase in its credit facility.
Following the restructuring, the UK Banking Syndicate will hold 80% of the company’s issued share capital on a fully diluted basis with existing shareholders holding 10% and executive members of the board and certain other members of management holding the remaining 10%. ”This proposed restructure is very good news,” stated LaSalle Bristol President and CEO Richard Karcher. ”Our UK banks have demonstrated great confidence in the group, and its management team and in LaSalle Bristol. This restructuring strengthens our financial position while making more cash available to us for future growth. The UK Banking System clearly sees the value that LaSalle Bristol brings to the group and more importantly, the value that will be created in the future when our markets recover.
”In 2009 our cash generation has been superior,” Karcher said. ”Moving forward, our key emphasis will be to grow revenues, enhance our product offering, and continue to improve our service performance for our customers. Our management team has been given expanded roles and responsibilities that ensure we will accomplish these goals.”
The proposed restructuring will be voted on at at general meeting of shareholders on Tuesday, Oct. 20, with the last day of dealing in the shares slated for Nov. 20.