FiberMark has completed its financial reorganization and emerged from chapter 11 as a private company. In conjunction with its emergence from chapter 11, the company closed on its exit financing facilities. The package includes $80 million in revolving credit facilities for working capital and general corporate purposes underwritten by GE Commercial Finance for its German and North American operations, none of which was drawn at closing. The company also has approximately $18 million in cash.
Consistent with the court-approved plan, FiberMark's previously outstanding common stock will cease trading and has been cancelled. New common stock has been created under the Plan for issuance to certain unsecured creditors, including a small number of former bondholders, among them the company's new majority owner, investment firm Silver Point Capital, as well as a small number of trade creditors.
In other news, Alex Kwader has retired from his position as the company's chairman of the board of directors and chief executive officer and will leave the company. Thomas Weld will serve as Chairman of the board of directors, effective immediately. Walter Haegler will continue as senior vice president and managing director of FiberMark's German Operations and will report directly to Mr. Weld. Brian Esher will serve as CEO of the company's North American and U.K. operations.