Approximately $10 million of Viasystems Group's bank debt traded last week in the mid 60s. The company recently filed a proposed plan of reorganization that is intended to be a prepackaged-bankruptcy plan. The company has not yet filed for Chapter 11. In the plan, as stated in Viasystems' September 8-K, the existing bank debt would be reduced by roughly $77.43 million with proceeds from the sale of senior convertible preferred stock and common stock. It would then be restructured into a new senior credit agreement that would include a $69.5 million to $85.4 million "A" term loan and a $362.9 million to $378.8 million "B" term loan. Officials at the company could not be reached by press time.
Chunk Of Viasystems Trades