On July 27, 2009, Arclin Canada Ltd. and related Canadian entities filed under the CCAA in Ontario and related U.S. entities filed under Chapter 11 of the U.S. Bankruptcy Code in Delaware. Arclin announced that it had reached agreement with certain of its key senior lenders to reduce its debt from US $234 million to US $60 million and that it would receive a US $25 million debtor in possession (DIP) financing facility. The DIP financing syndicate includes, in addition to others, UBS Securities LLC and Black Diamond Commercial Finance, L.L.C., as joint lead arrangers, and UBS AG, Stamford Branch, as administrative and collateral agent. Arclin’s Mexico subsidiaries were not included in the filings.
Arclin provides bonding and surfacing solutions for the building and construction, engineered materials and natural resources markets. Arclin’s head office is in Mississauga, Ontario and it employs approximately 700 people in 15 facilities in Canada, the U.S. and Mexico.