The plan significantly improves Transtar’s financial position, de-leveraging the balance sheet by nearly
“The Company’s new, much stronger capital structure provides the flexibility we need to pursue our growth objectives, and positions Transtar for long term success,” said
“The Board has confidence in Transtar management and the go-forward plan for the business, and is excited about the Company’s future,” said
“I want to sincerely thank Transtar’s suppliers, business partners and our customers for their patience and collaboration through this process,” added Orzetti. “Most of all, I want to thank our associates for their hard work, dedication and perseverance. We could not have achieved this without them, and I know they will continue to drive our success as we enter this new stage of Transtar’s journey.”
About
Transtar is a worldwide manufacturer and distributor of quality driveline parts and services to the motor vehicle replacement parts industry; its Transtar brand is the leading distributor of world-class transmission solutions including automatic and standard transmission units, rebuilder kits and components, Recon™ remanufactured torque converters and hard parts, and other driveline solutions. Founded in 1975, the Transtar portfolio has 2,300 associates and a distribution network of more than 90 locations in the
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/transtar-completes-restructuring-emerges-from-chapter-11-300438854.html
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