Lumileds Holding BV (“Lumileds” or the “Company”), a global provider of lighting solutions, announced that the US Bankruptcy Court for the Southern District of New York has approved the company’s plan of reorganization (the “Plan”). As a result, Lumileds says it plans to exit the Chapter 11 process (“Chapter 11”) during the week of October 31 after satisfying certain administrative items before the plan becomes effective.

Under the terms of the plan, Lumileds will complete a comprehensive restructuring transaction that will reduce the company’s debt by approximately $1.4 billion, provide capital to accelerate Lumileds’ growth and enable further investment in innovation that will enable the company to leverage additional strategic opportunities. .

Prior to the commencement of Chapter 11, the Company entered into a Restructuring Support Agreement (“RSA”), whereby the Company obtained the necessary support from its creditors to confirm the Plan. Then, on August 29, 2022, the Company commenced a narrowly focused filing of prepackaged Chapter 11 filings limited to US Lumileds and Netherlands Lumileds. After the solicitation period, approximately 92% of Lumileds’ First Lenders voted in favor of the Plan, and more than 99% of the First Lenders ultimately executed the RSA. Pursuant to the terms of the Plan, the first pre-solicitation lenders committed up to $275 million of new capital to the Company, initially under a DIP program, which was subsequently converted to a five-year exit program.

“Throughout this process, we have continued to focus on driving innovation and developing new products and solutions for our customers, and we are excited about the opportunities that are opening up for Lumileds,” said Matt Roney, CEO of Lumileds. “After confirming our reorganization plan, we will implement our financial restructuring to reduce the debt on our balance sheet, significantly increase our liquidity and even better position ourselves for long-term growth and innovation. We thank all of our stakeholders for their continued support and confidence in our market-leading position in the specialty lighting industry, which has enabled us to achieve this important milestone so quickly and on schedule.”

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