Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Saturday, January 13 2018 - 10:47
GATE Announces Completion Of Restructuring Plan
CAYMAN ISLANDS and SINGAPORE, Jan. 13, 2018 /PRNewswire-AsiaNet/ --

Global A&T Electronics Ltd. (the "Company") announced that the Court-approved 
restructuring plan has gone into effect as of today. 

At a hearing on 3 January 2018, the Honorable Robert D. Drain affirmed its 
ruling on 21 December confirming the Company's restructuring plan, and 
overruling or finding inapplicable the limited objection filed by JP Morgan 
Chase ("JPMC").

"The closing of our restructuring is the culmination of hard work and strong 
support from our equity sponsors and noteholders, who have been constructive 
partners throughout our restructuring process. In particular, I want to thank 
all our customers and suppliers for their support and trust in UTAC throughout 
this process.  I also want to thank our dedicated employees for continuing to 
deliver quality products and services to our customers," said Dr. W. John 
Nelson, Chief Executive Officer of the Company.

As previously announced, the restructuring will reduce the Company's funded 
debt from approximately $1.12 billion to total of $665 million and reduce its 
annual debt service by nearly half from $113 million to approximately $56.5 
million. The restructuring will consolidate GATE with its sister company UMS, 
allowing for greater operational synergy and liquidity. With the significant 
reduction in interest expense, UTAC is expected to generate positive free 
cashflow after interest and capex spending.  

When completed, the restructuring will also resolve all litigation and claims 
of the noteholders against the company and its equity sponsors over the 2014 
debt exchange. 

"UTAC will emerge from this process stronger than ever, with the financial 
stability and flexibility to invest for future growth," said John. 

About UTAC Holdings Ltd  

UTAC Holdings Ltd (UTAC) is a leading independent provider of assembly and test 
services for a broad range of semiconductor chips. We offer a full range of 
semiconductor assembly and test services in these key product categories: 
analog, mixed-signal and logic, and memory. Our customers are primarily fabless 
companies, integrated device manufacturers and wafer foundries. UTAC is 
headquartered in Singapore, with production facilities located in Singapore, 
Thailand, Taiwan, mainland China, Indonesia and Malaysia. We have a global 
sales network across United States, Japan, mainland China and Taiwan, rest of 
Asia and Europe, with sales offices in each of these regions.  

Source: UTAC