Enters Chapter 11 with more than $300 million in DIP financing to fund operations throughout the process
Continues to deliver for customers across all global locations and maintain normal operations
FORT WORTH, Texas, June 01, 2023 (GLOBE NEWSWIRE) — Incora and certain affiliates (collectively, “Incora” or the “Company”), a leading global provider of innovative supply chain management solutions, announced that the Company filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”) in the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”). Incora intends to use the Chapter 11 process to improve its capital structure and position the business for long-term growth.
To fund and preserve its operations during the Chapter 11 process, the Company has entered into an agreement, subject to Bankruptcy Court approval, providing more than $300 million in debtor-in-possession (“DIP”) financing. Upon approval by the Bankruptcy Court, the DIP financing will provide Incora with the necessary liquidity to operate as usual as it works to improve its balance sheet.
David Coleal, Chief Executive Officer of Incora stated, “We expect that this decisive action will right-size our capital structure and allow us to confidently build and grow into the future. This path will enable Incora to continue operating its business from a place of strength, positioned to empower its customers to meet their critical business needs.”
The Company has filed customary motions with the Bankruptcy Court intended to allow Incora to maintain normal operations and fulfill its go-forward commitments to customers, vendors and employees. These motions are typical in the Chapter 11 process and Incora anticipates they will be heard and approved in the first few days of the case.
For more information about the Company’s Chapter 11 cases, including claims information, please visit www.kccllc.net/incora, or contact KCC, the Company’s noticing and claims agent, at 888-251-2937 (for toll-free U.S. or Canada calls) or 310-751-2613 (for tolled international calls).
Incora is advised in this matter by Milbank LLP as restructuring counsel, PJT Partners as financial advisor and Alvarez & Marsal as restructuring advisor.
Incora is the trade name for the group of companies formed by Wesco Aircraft and Pattonair, a leading provider of comprehensive supply chain management services to the global aerospace and other industries. Beginning with a strong foundation in aerospace and defense, Incora also utilizes its supply chain expertise to serve industrial manufacturing, marine, pharmaceutical and beyond. Incora incorporates itself into customers’ businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. The company is headquartered in Fort Worth, Texas, with a global footprint that includes 68 locations in 17 countries and more than 3,800 employees. For more information, please visit incora.com.
Forward Looking and Cautionary Statements
Incora has included statements in this press release that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended. As a general matter, forward-looking statements are those focused on future or anticipated events or trends, expectations and beliefs including, among other things, Incora’s expectations with respect to the restructuring described herein. Such statements are intended to be identified by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “project,” “plan” and similar expressions in connection with any discussion of future operating or financial performance. Any forward-looking statements are and will be based upon Incora’s then-current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. Readers are cautioned not to put undue reliance on such forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected in this press release. Incora undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Rachel Chesley / Victoria Zaharoff
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