Heywood Williams Group PLC, parent company of Elkhart, Ind.-based LaSalle Bristol, announced today (Nov. 20) it had completed a comprehensive capital-restructuring plan that included selling all of its subsidiaries to Arran Isle Ltd., a newly incorporated company. The restructuring significantly reduces future interest payments and provided the company with additional financing to support the growth of the business as markets start to recover.
As part of the process, Richard Karcher, president and CEO of LaSalle Bristol, will join the board of directors of the company, referred to as “the Group” in a press release.
“We are delighted that our parent company has strengthened its balance sheet and built a foundation for future growth,” Karcher said in the release. “While LaSalle Bristol remains self-financed with a strong cap position, this restructuring will allow us to take advantage of future growth opportunities in the U.S. as our markets recover.”
Key elements of the restructuring included the writing off of $34 million of the Group’s debt by its U.K. banking syndicate in return for a major shareholding in the new Group while also providing the company with $10 million of additional financing to support the growth of the business.
The restructured Heywood Williams group is now a private company. The previous company has delisted from the London Stock Exchange.
“We are very pleased to have completed the comprehensive restructuring of Heywood Williams,” noted company CEO Robert Barr. “This solution secures over 1,000 jobs and allows the Group, our suppliers and our customers to continue with business as normal.”