American Tire Distributors Inc. (ATD) emerged from Chapter 11 bankruptcy on Dec. 21 following the completion of its financial recapitalization.
"Today marks a new beginning for ATD," said CEO Stuart Schuette. "We are a stronger company (ATD reduced its debt by approximately $1.1 billon) with the financial flexibility to build on an 80-year history of leadership and innovation. We are laser-focused on delivering greater value for our customers and manufacturer partners, with differentiated capabilities based on advanced analytics."
In connection with emergence, ATD is issuing payment for all pre-petition obligations currently due. 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.
“All of us at ATD would like to thank our customers and manufacturer partners for their continued support,” added Schuette.
For more information on ATD and its Chapter 11 bankruptcy proceedings, check out these links: