Jason Emerges From Chapter 11

Company Concludes Fast-Track Reorganization with $250 Million Less Debt, Extended Maturities and Strengthened Balance Sheet

MILWAUKEE–(BUSINESS WIRE)–OTC Pink:JASNQ — Jason Holdings Inc. (“Jason” or the “Company”), formerly Jason Industries Inc., announced today that the Company and its U.S. subsidiaries will emerge from Chapter 11 effective as of 11:59 pm today. This milestone will mark the successful completion of Jason’s restructuring process and implementation of the Company’s Joint Prepackaged Chapter 11 Plan of Reorganization (“Plan of Reorganization”) that was confirmed by the United States Bankruptcy Court for the Southern District of New York on August 26, 2020. The Company has significantly strengthened its financial position, reducing term loan debt by approximately $250 million and extending maturities.

“We are pleased with the speed and results of the Company’s reorganization and look forward to working with management to further improve the operational and financial performance of Osborn and Milsco.”

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Jason emerges as a private company backed by the strong ownership of its existing senior secured lenders, including Monomoy Capital Partners (“Monomoy”) and Credit Suisse Asset Management, LLC. As part of Jason’s new capital structure, Jason entered into a $30 million ABL revolving credit facility with Wells Fargo Bank, National Association, to ensure that Jason has sufficient liquidity upon exit from Chapter 11. The Company’s prior common and preferred stock have been cancelled pursuant to the Plan of Reorganization.

“We began the restructuring process two months ago with a clear goal of strengthening our capital structure and best positioning Jason and its subsidiaries Osborn and Milsco for long-term growth and success,” said Brian Kobylinski, President and Chief Executive Officer. “Our ability to achieve this objective and emerge from Chapter 11 as quickly as we did is a testament to our talented team, our advisors, and the relationships we have fostered with our customers and partners. I want to thank our lenders for working with us on this consensual restructuring plan.”

Dan Collin, Monomoy co-CEO and incoming Chairman of Jason’s new Board also stated, “We are pleased with the speed and results of the Company’s reorganization and look forward to working with management to further improve the operational and financial performance of Osborn and Milsco.”

Jason’s new Board of Directors consists of Helen Ruth, Senior Operating Executive at Monomoy, James Janik, Board Chairman of Douglas Dynamics, Mark Blaufuss, Operating Executive at The Carlyle Group, Mr. Collin and Mr. Kobylinski.

Moelis & Company LLC acted as financial advisor, Kirkland & Ellis acted as legal counsel, and AlixPartners, LLP acted as restructuring advisor to the Company.

Houlihan Lokey Capital, Inc. acted as financial and restructuring advisor and Weil, Gotshal & Manges LLP acted as legal counsel to the First Lien Ad Hoc Group.

Forward-Looking Statements

Statements in this press release, including those regarding the Company’s future capitalization, results of operations, liquidity and prospects, include “forward-looking statements.” These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including risks and uncertainties regarding: potential adverse effects of the reorganization on the Company’s operations, third-party relationships and employee attrition. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. The Company has no obligation to update or revise these forward-looking statements and does not undertake to do so.

Contacts

Chad Paris
investors@jasoninc.com