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Fallbrook Technologies files for Chapter 11, names Roger Wood CEO

Published February 27, 2018

CEDAR PARK, Texas (BRAIN) — Fallbrook Technologies Inc., licensor and developer of NuVinci's continuously variable planetary transmission technology, has filed for Chapter 11 reorganization. The company also said it has hired Roger Wood, former CEO of publicly traded Dana Holding Corporation, as CEO and chairman of the board. 

NuVinci Cycling was rebranded as Enviolo earlier this year, as it was split off from parent Fallbrook Technologies. At the time, the company said the division would operate more independently from Fallbrook. 

In an email to BRAIN, David Hancock, managing director for Enviolo, said, "It’s business as usual for us at Enviolo. To answer the top three questions that we are getting from our customers right now: All outstanding and future orders will ship on time, our lead times will stay very short (30 days on existing products and 60 days on new products). All warranties will be honored and processed the same way they have been in the past many years. All spare part inventories will be maintained at our warehouse and can ship the same day as requested (in most cases) or in a worst case, the next day after request."

"Nothing will change in Enviolo’s operations," Hancock added. "I also want to stress the point that Fallbrook, our parent company, does have financing in place, both during the filing as well as post-exit from filing."

In a press release announcing the filing for reorganization, Fallbroook said the new CEO Roger Wood is being tasked with implementing a financial restructuring that substantially reduces debt and recapitalizes the company through Chapter 11. As part of the filing, the company entered into a restructuring support agreement with some of its largest creditors. In addition, subject to Bankruptcy Court approval, Fallbrook has an agreement to secure debtor-in-possession financing as well as post-exit financing.

Wood is credited with driving significant improvements in Dana’s performance and profitability in the automotive supply industry. He also drove the decision at Dana to license the NuVinci technology in 2012.

"I have seen this company grow from an idea to a reality where Fallbrook’s transformational technology can revolutionize multiple industries," Wood stated in the press release. “We are closer than ever to a future where NuVinci is the mechanical standard to improve any system with an engine, pump, motor, or geared transmission system.

“This restructuring will best position Fallbrook to grow the NuVinci CVP technology and expand our community of licensees. We are thankful to our dedicated employees who remain focused on the advancement of Fallbrook’s innovative and unique technologies supporting applications across multiple markets," Wood added. “I thank my predecessor, William Klehm for his efforts and dedication to the company.I look forward to my new role at Fallbrook.”



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