UCI International LLC, a maker of replacement auto parts owned by New Zealand’s richest man, filed for bankruptcy protection late on Wednesday night, after talks with bondholders about a balance-sheet restructuring failed, the Wall Street Journal reported today. The Lake Forest, Ill., company, said that it was forced to file for chapter 11 protection after it was unable to reach an out-of-court deal with bondholders who include funds managed by BlackRock Inc., JPMorgan Chase & Co., and Credit Suisse Asset Management. UCI skipped a $17.25 million interest payment to the bondholders, who are owed $400 million, in February, according to Brian Whittman, the company’s chief restructuring officer. The bond debt is left over from a 2011 leveraged buyout led by New Zealand billionaire Graeme Hart, whose Rank Group acquired UCI a little more than five years ago in deal valued at $980 million.
