June 18, 2019 7:57 PM ET

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Company Overview of V & H Performance, LLC

Company Overview

V & H Performance, LLC, doing business as Vance & Hines, manufactures aftermarket motorcycle performance parts. The company was incorporated in 2010 and is based in Santa Fe Springs, California.

13861 Rosecrans Avenue

Santa Fe Springs, CA 90670

United States

Founded in 2010

Phone:

800-592-2529

Fax:

562-802-0110

Key Executives for V & H Performance, LLC

V & H Performance, LLC does not have any Key Executives recorded.

V & H Performance, LLC Key Developments

Reorganization Plan Approved for Velocity Holdings Company, Inc.

The US Bankruptcy Court approved the plan of reorganization of Velocity Holding Company, Inc. on March 29, 2018. As per the approved plan, administrative expense claims, fee claims, fees and expenses of first lien term loan agent and second lien agent, priority tax claims and transaction expenses are allowed in full in cash. Intercompany Claims shall are not allowed any payment under the plan and art reinstated. DIP ABL Facility Claims is allowed to be paid in full in cash. DIP term claims are waived in exchange of exit term loan under exit term loan facility. Other Priority, Other Secured Claims, Section 510(b) Claims will receive no repayment under the plan. First Lien Term Loan Claim shall receive 27% recovery under the plan through issuance of 100% of new common units. Second lien term loan claim and general unsecured claim in excess of $0.02 million are reduced to $0.02 million and will be paid pro-rata share of opt-in distribution. Holdings Interests under the plan is cancelled. Other debtor interests shall be reinstated. Plan will be funded through available cash in hand, issuance of new stock and exit facility.

Exit Financing Approved for Velocity Holdings Company, Inc.

The US Bankruptcy Court gave an order to Velocity Holding Company, Inc. to obtain exit financing on March 27, 2018. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $120 million from Wells Fargo Bank, N.A. and Bank of America, N.A. with Wells Fargo acting as the administrative agent. Wells Fargo Bank, N.A. and Bank of America, N.A. will provide $60 million each. The exit facility would either carry an interest rate of base rate plus 11% p.a., along with a 2% p.a. interest in the event of default. As per the terms of the exit financing agreement include a break-up fee of $0.3 million. The exit facility would mature 5 years from the date the Exit Revolving Facility becomes effective. The loan will carry an exit fee of 0.50% of maximum credit amount, unused revolver fee of 0.25% per annum times the average monthly unused portion. The proceeds of exit facility would be used to refinance Loan Parties' indebtedness under the DIP revolving facility fund amounts otherwise payable by loan parties in connection with consummation of the transactions and finance the ongoing general corporate purposes of borrowers.

Reorganization Plan And Disclosure Statement Filed by Velocity Holdings Company, Inc.

Velocity Holdings Company, Inc. along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on January 10, 2018. As per the plan filed, Administrative Expense Claims, Fee Claims, Fees and Expenses of First Lien Term Loan Agent and Second Lien Agent, Priority Tax Claims and Transaction Expenses shall be paid in full in cash. Intercompany Claims shall receive no distributions under the plan and shall be reinstated or compromised. DIP ABL Facility Claims shall be paid in cash from cash on hand and the proceeds of the Exit Revolving Credit Facility. DIP Term Facility Claims shall be surrendered by the lenders in exchange for Exit Term Loans under the Exit Term Loan Credit Facility in an amount equal to the DIP Term Loans under the DIP Term Facility. The balance of the DIP Term Facility Claims shall be paid in full in cash. Other Priority Claims shall be paid in cash or shall be reinstated, at the debtor’s option. Other Secured Claims shall be paid in cash, or shall receive the Collateral, or shall be reinstated, at the debtor’s option. First Lien Term Loan Claims of $285.10 million shall receive the Pro Rata share of 100% of the New Common Units. Second Lien Term Loan Claims, General Unsecured Claims and Section 510(b) Claims shall not receive any distribution under the plan. Holdings Interests shall not receive any distribution under the plan and shall be cancelled. Other Debtor Interests shall be unaffected by the Plan and would continue to exist. The plan shall be funded through proceeds of Exit Revolving Credit Facility, Exit Term Loan Credit Facility, issuance of New Common Units and New Warrants. The modified plan and related disclosure statement was filed on February 12, 2018. As per the modified plan, fees and expenses of first lien term loan agent and second lien agent amount to $0.13 million which will be paid in full in cash. Other Priority, Other Secured Claims, Section 510(b) Claims will receive no repayment under the plan. First Lien Term Loan Claim amount to $287.2 million and will receive 27% recovery under the plan and will be entitled to receive its pro rata share of the new common units issued and outstanding on the Effective Date. General unsecured claims amount to $7.6 million and shall not receive any distribution. Second lien term loan claims amount to $86 million and shall not receive any distribution. Other debtor interests in Velocity Pooling Vehicle, LLC, will be cancelled. The second modified plan was filed on March 26, 2018. As per the modified plan, second lien term loan claim and general unsecured claim in excess of $0.02 million will be reduced their claim to $0.02 million upon making an opt-in-distribution election. There were no further change in any claim class and their mode of repayment.

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