Lumileds Won More Than 90% Support For Its Restructuring And Recapitalization

Lumileds Holding B.V. (“Lumileds” or the “Company”), a global leader in innovative lighting solutions, announced today that it has now received support for its restructuring from more than 90% of its lenders, representing an overwhelming majority of the loans outstanding under its prepetition first lien debt facility. The Company’s Restructuring Support Agreement (the “RSA”) was announced with the Company’s prepackaged Chapter 11 filing on August 29, 2022. The deadline to vote on the Company’s plan of reorganization (the “Plan”) is 5pm ET on September 16, 2022.

Lumileds has conveyed in its press statement that the company “has obtained the necessary support from its lenders to confirm the Plan prior to commencing its proceedings and expects to meet the requirements to confirm the Plan and emerge from Chapter 11 within approximately sixty days.”

The Chapter 11 plan was filed with the U.S. Bankruptcy Court for the Southern District of New York. The proceedings involve only the Netherlands — where the company’s debt is held — and U.S business — where the credit agreements are held.

“The decision of the vast majority of Lumileds’ lenders and future sponsors to sign on to the RSA is another step forward in our comprehensive financial restructuring and demonstrates their ongoing confidence in Lumileds’ strong business fundamentals to drive market-leading innovation into the future,” said Matt Roney, CEO of Lumileds. “We appreciate the overwhelming support of our lenders, and all of our stakeholders, who recognize the long-term value we can create with a balance sheet that aligns with the strength of our operating business.”

A staggering majority of the Company’s lenders and future sponsors have committed to support the narrowly focused Chapter 11 Plan and are participating in its $275 million debtor-in-possession (“DIP”) financing, which was syndicated following its approval by the Court as part of the Company’s first day motions. The funding provides enhanced liquidity for the Company to continue meeting its ongoing obligations in ordinary course during its comprehensive financial restructuring, which will significantly de-leverage the balance sheet by over $1.3 billion, provide additional capital to accelerate Lumileds’ growth, and enable further investment in innovation to pursue additional strategic opportunities.

For more information on Lumileds’ restructuring, including access to Court documents, please visit https://dm.epiq11.com/Lumileds or contact Epiq Corporate Restructuring, LLC, the Company’s noticing and claims agent at +1 800-497-9116 (for toll-free domestic calls) and +1 503-520-4495 (for tolled international calls) or email Lumiledsinfo@epiqglobal.com.