Connect with us
American Tire Distributors ATD

News

ATD Emerges From Chapter 11 Bankruptcy

American Tire Distributors, Inc. completed its financial recapitalization and emerged from Chapter 11 bankruptcy. 

Advertisement

American Tire Distributors ATDAmerican Tire Distributors, Inc. completed its financial recapitalization and emerged from Chapter 11 bankruptcy.

Advertisement
Click Here to Read More
Advertisement

In connection with emergence, ATD is issuing payment for all pre-petition obligations currently due, ATD said in a press release. The company recapitalized on a fully consensual basis, with the support of all of its key financial stakeholders, as well as its vendors and customers, and moves forward with $1.005 billion of committed exit financing arranged by Wells Fargo Capital Finance to support operations and future growth initiatives.

With its recapitalization complete, ATD said it has reduced its debt by approximately $1.1 billion.

Looking ahead, ATD has plans to innovate through digital tools powered by advanced analytics.

“Today marks a new beginning for ATD. We are a stronger company with the financial flexibility to build on an 80-year history of leadership and innovation,” said Stuart Schuette, CEO of ATD. “We are laser-focused on delivering greater value for our customers and manufacturer partners, with differentiated capabilities based on advanced analytics. Our ongoing transformation means that ATD will remain the most connected and insightful automotive solutions provider for decades to come.

“All of us at ATD would like to thank our customers and manufacturer partners for their continued support. I also am deeply grateful to our team of more than 5,000 associates across North America. They are the most dedicated and experienced professionals in the industry. They live our values every day by focusing their full attention on keeping our customers thriving and driving into the future.”

Advertisement

Kirkland & Ellis LLP is serving as legal counsel to ATD, AlixPartners LLP is serving as operational advisor and Moelis & Company LLC is serving as financial advisor.

This story will be updated. 

Advertisement
Click to comment

POPULAR POSTS

Buyer Beware? Chinese Tires Mean Different Quality Levels

News

Cooper Introduces CS5, Phases Out CS4

News

Michelin Rolls Out Premier LTX

Featured

Toyo’s Celsius Plans to One-up All-Season Tires

Connect