With strong balance sheet, new CEO, Pace Industries emerges from Chapter 11
Pace Industries, LLC (Pace) (Fayetteville, Arkansas) emerged from Chapter 11 bankruptcy protection in early June, successfully completing its ﬁnancial restructuring plan to deleverage its balance sheet and create a sustainable capital structure. The company is an aluminum, magnesium and zinc diecaster.
With a strengthened balance sheet, Pace says it’s well positioned to realize the full beneﬁt of its previously initiated operational improvements, as well as additional cost structure improvements. As part of the restructure, the company has converted its existing senior secured notes into 100% of the equity of the reorganized company. It expects to benefit from the support and operational expertise of its two largest senior secured lenders, TCW Group and Cerberus Capital Management, L.P.
Effective immediately, Donald (Donnie) Hampton, Jr. has been appointed as chief executive ofﬁcer to lead the company going forward. Hampton joins Pace Industries with more than two decades of industry experience and global P&L leadership. He has leveraged Six Sigma, Kanban, JIT and synchronous manufacturing strategies for companies such as Honeywell International (previously Allied Signal), Hayes Lemmerz, Rea Magnet Wire Company and, most recently, Faurecia.
Outgoing CEO Scott Bull will support Hampton in an advisory capacity to ensure a smooth transition. The Pace board thanked Bull for his 41 years of service to the company, including 12 years as CEO.
Looking forward, the company plans to pursue a growth strategy while maintaining and building on its standards for safety, quality and corporate citizenship.