Schulte advised the senior secured noteholders in connection with a financial restructuring plan with Pace Industries LLC and its U.S. and Mexican affiliates. The restructuring plan deleveraged Pace Industries’ balance sheet, providing new liquidity and transfer ownership of Pace Industries to the senior secured noteholders. The restructuring is designed to afford Pace Industries the opportunity to restart its idled plants and resume normal operations as the COVID-19 pandemic subsides. Pace Industries is North America's leading full-service aluminum, zinc and magnesium die-casting company. Headquartered in Fayetteville, Ark., Pace Industries operates the largest number and broadest range of clamping force die-casting machines in North America. The deal closed in June 2020.
The Schulte team was led by business reorganization partner Adam Harris and finance partner Michael Mezzacappa. The team also included employment & employee benefits partners Ian Levin and Ronald Richman; M&A and securities partner Andrew Fadale; tax partners David Passey and Alan Waldenberg; finance special counsel Jae Kim and associates Marc Rosenberg, Jinhwa Seo and Michelle Chang; and business reorganization associate Kelly Knight.