May 14, 2009

Luminator parent co. announces restructuring

Mark IV, the parent company of Luminator, announced that it has filed voluntary petitions for restructuring of their balance sheet.

 

The company took this action to reduce its debt, as a result of the downward pressure occurring in the automotive sector of Mark IV, which represents 86 percent of the company revenue. This action will improve its capital structure and further strengthen its competitive position.

 

Mark IV has reached agreement, in principle, with a steering committee of its senior lenders on a plan of reorganization and new capital structure for the reorganized company. As a result, the company expects to achieve plan confirmation and successfully complete the reorganization expeditiously.

 

Chief Executive Officer Avi Zisman has stated that “our business is strong and we continue to see growth in our primary markets.” Luminator will continue its daily operations without disruption to customers.

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