Lumileds Announces Confirmation of Plan of Reorganization

LDS Lumileds logo 400

October 26, 2022

Lumileds Holding B.V. has announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization. Lumileds plans to emerge from the chapter 11 process (“Chapter 11”) the week of October 31 following the satisfaction of certain administrative items before the Plan becomes effective.

Under the terms of the Plan, Lumileds will complete a comprehensive restructuring transaction which will reduce the Company’s funded debt by approximately $1.4 billion, provide capital to accelerate Lumileds’ growth, and enable further investment in innovation that will allow the Company to pursue additional strategic opportunities.

Prior to commencing their Chapter 11, the Company announced the execution of a Restructuring Support Agreement (RSA), whereby the Company obtained the necessary support from its lenders to confirm the Plan. The Company’s narrowly focused prepackaged Chapter 11 filing was then commenced on August 29, 2022 and was limited to involving only Lumileds U.S. and Dutch Lumileds. Following the solicitation period, approximately 92% of Lumileds’ first lien lenders voted in favor of the Plan and over 99% of the first lien lenders ultimately executed the RSA. Under the terms of the Plan, the pre-petition first lien lenders provided the Company with commitments for up to $275 million in new capital, first as part of the DIP Facility which was then converted into a five-year exit facility.

“Throughout this process we continue to maintain our sharp focus on driving innovation and developing new products and solutions for our customers, and we are excited by the opportunities ahead for Lumileds,” said Matt Roney, CEO of Lumileds. “With the confirmation of our plan of reorganization, we will implement our financial restructuring to deleverage our balance sheet, significantly increase our liquidity and even better position ourselves for long-term growth and innovation. We thank all our stakeholders for their ongoing support and confidence in our market-leading position in the specialty lighting industry, which has allowed us to reach this significant milestone so quickly and on schedule.”

For more information on Lumileds’ restructuring, including access to Court documents, go HERE or contact Epiq Corporate Restructuring, LLC, the Company’s noticing and claims agent at +1 800-497-9116 (for toll-free domestic calls) and +1 503-520-4495 (for tolled international calls) or email Lumiledsinfo@epiqglobal.com.

Evercore is acting as investment banker for the Company, Latham & Watkins is acting as restructuring counsel to Lumileds and AlixPartners, LLP is acting as financial advisor. PJT Partners is acting as financial advisor for an ad hoc group of Lumileds’ lenders, and Gibson, Dunn & Crutcher LLP is acting as the ad hoc group’s legal counsel.

Source


Changing Scene

  • Congratulations Within – New Appointments for 2022

    November 30, 2022 At Mulvey & Banani, they believe that their success is because of their people, and that people are the most important part of their business. The following individuals have demonstrated excellent aptitude, initiative and leadership amongst their teams. This year, together with their subsidiaries, Mulvey & Banani Audio Visual (MBAV) and Mulvey… Read More…

  • A-Light Wins Two GRANDS PRIX DU DESIGN Awards

    November 29, 2022 A-Light has announced its Relay and Absorb I luminaires have received 2022 GRANDS PRIX DU DESIGN Awards in the 15th edition of the competition. Relay is a PLATINUM winner in the Industrial Design/Lighting Fixture-Indoor category. And Absorb I received GOLD CERTIFICATION in both the Lighting Fixture-Indoor and Product-Acoustic categories. The GRANDS PRIX… Read More…


Design


New Products

  • Eureka Introduces Tangram-Trace Architectural Luminaire

    Eureka Introduces Tangram-Trace Architectural Luminaire

    November 30, 2022 Eureka announced the release of its Tangram-Trace architectural luminaire. Using bold straps and a prismatic lens, Tangram-Trace creates a dramatic aesthetic and provides high quality, diffused linear illumination. It is intended for modern environments such as conference and executive areas, hospitality applications, or reception spaces. Tangram-Trace luminaires are suspended using four-inch-wide straps,… Read More…

  • EarthTronics Introduces Flexible 5”/6” Recessed Ceiling Downlight Trim Kit

    EarthTronics Introduces Flexible 5”/6” Recessed Ceiling Downlight Trim Kit

    November 30, 2022 EarthTronics introduces its 5”/6” LED Recessed Ceiling Light Trim Kit offering five color selectable operations for commercial and residential retrofit and new construction applications. The downlight is CCT selectable and can be easily switched between 2700K, 3000K, 3500K, 4000K and 5000K at time of installation for the desired color temperature.  The 5”/6” LED Recessed… Read More…