Transmission giant Fallbrook Technologies shifts into chapter 11 targeting a quick restructuring
Fallbrook Technologies, developer and licensor of the NuVinci transmission technology found in bicycles, motor vehicles and other machinery, filed for chapter 11 in Delaware to recapitalize the company. The company entered into a restructuring support agreement with some of its largest creditors that would reduce debt and allow the company to emerge with new financing and a leaner capital structure.
As of the filing, the company listed liabilities of over $100 million and assets between $50 million and $100 million. Fallbrook Technologies is a privately held company with major shareholders comprising MIHI, LLC (15.4%), NGEN Partners III, L.P. (10.8%), Robeco (10.7%), Allison Transmission Inc. (10.4%), LTS Capital Partners II, LLC (7.7%), and Gary Jacobs (5.1%).
Firestar Diamond files for Chapter 11 after fraud allegations tarnish business
Multiple jewelry manufacturers owned by billionaire Nirav Modi file for Chapter 11 shortly after Modi became the target of an investigation regarding an alleged $2 billion scam involving the Punjab National Bank in India. The companies include Firestar Diamond, Fantasy and A. Jaffe. The companies are seeking to use Chapter 11 to preserve the value of the companies and either sell the company or complete another transaction. Firestar Diamond listed $50 million to $100 million of both assets and liabilities in the filing.