DETROIT -- Supplier Remy International Inc. said it emerged from Chapter 11 bankruptcy protection on Thursday after it won access to as much as $330 million in financing.
The Anderson, Ind., auto parts maker said its departure from Chapter 11 will leave it with sufficient financial strength to meet its needs in the coming years.
Remy CEO John Weber said in a statement that the company has effectively restructured its debt and commercial arrangements with its major customer, General Motors. Remy spun off from GM in 1994.
On June 15, the privately held Remy reported that it would file a prepackaged Chapter 11 petition that would allow it to cut $360 million in debt.
At the same time, Remy acknowledged that the bankruptcy filing would wipe out Remy's existing shareholders and put the company under the control of its bondholders.
Remy ranks No. 130 on the Automotive News list of the top 150 suppliers of original equipment parts to North America with original-equipment automotive parts sales of $264 million in 2006.
The company makes starter motors, alternators and hybrid drive systems.