American Commercial Barge Line Holding Corp. Successfully Completes Recapitalization

JEFFERSONVILLE, Ind., April 30, 2020 /PRNewswire/ -- American Commercial Barge Line Holding Corp. (together with certain of its affiliates, "the Company" or "ACBL"), as successor to American Commercial Lines Inc., today announced that it has successfully completed its recapitalization and emerged from Chapter 11.

ACBL is moving forward as an inland barge transportation leader and continuing to provide customers with safe, reliable and competitive solutions. With $200 million in new equity capital and having reduced its funded debt by approximately $1 billion, the Company has a strong financial foundation to support investments in future growth initiatives.

"Today is in an important day for our Company, our team members, our customers and our business partners," said Mark Knoy, President and Chief Executive Officer of ACBL. "Having quickly completed our recapitalization, we are a stronger Company with the financial flexibility to build on our decades-long legacy of industry leadership. Looking ahead, we will be able to devote our available resources to competing in today's market. We look forward to continuing to provide the safest, most cost-effective and environmentally friendly barge transportation solutions for many years to come."

"On behalf of all of us at ACBL, I'd like to thank our customers, vendors, and other business partners for their support throughout this process," Mr. Knoy continued. "I am also deeply grateful to our dedicated teammates for their hard work and unwavering commitment to working safely. They will continue to be the ultimate drivers of our success as we continue meeting the evolving needs of our customers."

Milbank LLP served as the Company's legal counsel, Greenhill & Co. served as its financial advisor and Alvarez & Marsal North America, LLC. served as restructuring advisor.

Cautionary Note Regarding Forward-Looking Statements
Certain statements and information in this press release and certain oral statements made by our representatives from time to time may constitute "forward-looking statements." The words "propose," "believe," "expect," "anticipate," "plan," "intend," "foresee," "outlook," "estimate," "potential," "continues," "may," "will," "seek," "approximately," "predict," "anticipate," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Forward-looking statements also include statements about our liquidity, our capital structure and expected results of operations. These forward-looking statements are based on ACL's current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that the future developments affecting us will be those that we anticipate. You are cautioned not to place undue reliance on forward-looking statements, which are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.

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Michael Freitag / Aaron Palash / Kate Thompson 
Joele Frank Wilkinson Brimmer Katcher
[email protected]
(212) 355-4449

SOURCE American Commercial Lines Inc.