At the beginning of the month, American Tire Distributors (ATD) voluntarily filed for Chapter 11 bankruptcy to implement an agreement between its bondholders to recapitalize its debt.
The agreement with approximately 75% of bondholders, which court filings indicate is now also supported by over two-thirds of ATD’s term lenders, states that bondholders will receive 95% of new equity in the recapitalized company and existing equity holders will receive 5% of the new equity plus warrants. The agreement was signed in order for ATD to recapitalize $1.1 billion of its debt.
The top 30 creditors, many of which are tire manufacturers, are listed below with the amount of money ATD owes them.
ATD’s recapitalization plan, filed last week, addresses the $1.1 billion in senior subordinated notes due to Wells Fargo Bank, ATD’s bond trustee, and provides for payment in full in cash to other unsecured creditors, like vendors.
MORE: ATD Names ‘Critical Vendors’ in Chapter 11 Filing
READ: What does ATD Naming ‘Critical Vendors’ Mean for You?
- Wells Fargo Bank, $1.1 billion
- Continental Tire North America, $123.8 million
- Cooper Tire & Rubber Co., $89.1 million
- Michelin North America, $59.6 million
- Nexen Tire America, Inc., $52.8 million
- Toyo Tire USA Corp., $39.9 million
- Zhongce Rubber Co. Ltd., $33.3 million
- Nitto Tire USA, Inc., $33 million
- Sumitomo Rubber North America Inc., $26.4 million
- Zhilian Trading Limited, $26.2 million
- Sailun Jinyu Group, $26 million
- The Carlstar Group, $20.8 million
- Goodyear Tire & Rubber Co., $16.3 million
- Hankook Tire America Corp., $14.4 million
- Bridgestone/Firestone Inc., $12.5 million
- Kumho Tire USA Inc., $11.8 million
- Pirelli Tire LLC, $9.5 million
- Zenith Holdings Ltd., $3.6 million
- Design Infini, $2.9 million
- Qingdao Free Trade Zone
- Zhilian Trade Co. Ltd., $2.9 million
- Camso USA Inc., $2.8 million
- The Boston Consulting Group, $2.1 million
- Sutong China Tire Resources Inc., $1.7 million
- Martins Industries, $1.1 million
- Ultra Wheel Co., $933,121
- Hennessey Industries Inc., $903,000
- Mickey Thompson, $885,805
- McKinsey & Co., $750,000
- Marriott Hotel, $577,324
- C.H. Robinson, $408,347
FULL COVERAGE: ATD’s Chapter 11 Restructure and Company News
