News: LEDs
4 November 2022
Lumileds completes financial restructuring and emerges from Chapter 11
LED product and lighting maker Lumileds Holding B.V. of San Jose, CA, USA has completed its financial restructuring and emerged from Chapter 11, having significantly de-leveraged its balance sheet and improved liquidity (reducing its funded debt by about $1.4bn). The firm is now owned by a new group of long-term institutional investors, including Anchorage Capital Group LLC, Nut Tree Capital Management LP and Cerberus Capital Management LP.
Also, Steve Barlow, president of Lumileds’ Automotive business unit, is to be appointed CEO and to its board of directors, succeeding Matt Roney (effective on 11 November).
Barlow brings over 30 years of experience in the semiconductor and LED lighting industries and several decades at Lumileds, having most recently served as president of Lumileds’ Automotive business unit and prior to that as president of the Lighting Solutions business unit. He first joined the firm in 2003 to help build its LED automotive, camera flash, display and lighting businesses as head of sales & marketing. He previously held management and sales roles at Hewlett Packard, Cree and Intematix Corp. Barlow holds an MBA from Santa Clara University and a B.S. in Electrical Engineering from San Jose State University.
“We are pleased to have completed this process effectively and within the timeframe we originally projected thanks to the support and dedication of our employees, customers, vendors, suppliers, and our new owners,” says Roney. “It has been a privilege to lead this extraordinary company and team,” he adds.
“Lumileds holds a strong position as industry leader and innovator, with incredibly talented and committed people,” comments Barlow. “We enter this next stage poised for further growth, positioned to capture opportunities, and in an improved position to address changing global market environments.”
Lumileds’ lenders agree debt reduction of $1.3bn, and $275m in loans
