AlixPartners served as restructuring advisor to UTEX Industries in its emergence from its fast-tracked, prepackaged Chapter 11 filing. The financial restructuring reduced UTEX’s funded debt by approximately $700 million and provided $42.5 million in new financing.

The company emerged from bankruptcy as a private company under the ownership of its pre-restructuring lenders. The company’s prior equity interests have been canceled in connection with the restructuring.

In connection with the financial restructuring, Houlihan Lokey served as financial advisor and investment banker and Weil, Gotshal & Manges served as legal advisor to UTEX.

“The restructuring of Utex provides us with a flexible capital structure and liquidity to compete and grow in today’s business environment. I am grateful to our dedicated employees who have continued to work hard through the restructuring. This transaction will position us and our partners for success in the years to come,” Mike Balas, CEO of UTEX, said.

Jeff A. Cullman will join UTEX as the chairman of the board of directors. Cullman is the former president of Worldwide Hydraulics Group, a business group of Parker Hannifin Corporation. Other members of the board include Balas; Jim Brown, vice chairman of the board of PetroStar Services and past executive of Haliburton; James Chapman, an advisory director of SkyWorks Capital; and Piotr Galitzine, the former chairman and CEO of TMK IPSCO.

UTEX is a Houston-based business that operates manufacturing, distribution and technical sales facilities in the U.S. and abroad.