Court filings show the 30 companies that American Tire Distributors Inc. (ATD) owes the most money. Not surprisingly, tire companies make up more than half of the list.
In any case where a company seeks Chapter 11 bankruptcy protection, it must disclose the 30 largest unsecured claims. The list doesn’t include claims to those defined as insiders, or “secured creditors, unless the unsecured claim resulting from inadequate collateral value places the creditor among the holders of the 30 largest unsecured claims.”
- Wells Fargo Bank $1,050,000,000
- Continental Tire North America Inc. $123,774,782
- Cooper Tire & Rubber Co. $89,081,729
- Michelin North America Inc. $59,625,293
- Nexen Tire America Inc. $52,824,791
- Toyo Tire USA Corp. $39,968,175
- Zhongce Rubber (Thailand) Co. Ltd. $33,308,100
- Nitto Tire USA Inc. $33,028,484
- Sumitomo Rubber North America Inc. $26,380,236
- Zhilian Trading Ltd. $26,152,183
- Sailun Jinyu Group (Hong Kong) Co. Ltd. $26,026,351
- The Carlstar Group LLC $20,832,356
- Goodyear Tire & Rubber Co. $16,251,155
- Hankook Tire America Corp. $14,437,944
- Bridgestone/Firestone Inc. $12,535,712
- Kumho Tire USA Inc. $11,759,887
- Pirelli Tire LLC $9,492,694
- Zenith Holdings Ltd. $3,621,873
- Design Infini $2,886,786
- Qingdao Free Trade Zone Zhillian Trade Co. Ltd. $2,881,843
- Camso USA Inc. $2,856,668
- The Boston Consulting Group Inc. $2,150,000
- Sutong China Tire Resources Inc. $1,749,840
- Martins Industries $1,095,918
- Ultra Wheel Co. $933,121
- Hennessy Industries Inc. $903,210
- Mickey Thompson $885,805
- McKinsey & Co. $750,000
- Marriott Hotel Services Inc. $577,324
- CH Robinson International Inc. $408,347
A few more takeaways
In some ways the bankruptcy filing is like any standard government form. There are boxes to mark that give a glimpse of ATD’s financial picture, but they also fall into pretty wide ranges. ATD’s Chief Financial Officer William Williams signed off on the form with these figures:
- Estimated number of creditors: There are 10 boxes from which to select, and the total number of creditors can range from one to more than 100,000. ATD chose: 200-999.
- Estimated assets: There are 12 boxes, each with a range of figures. The lowest is up to $50,000. The highest is more than $50 billion. ATD chose: $1,000,000,001 - $10 billion.
- Estimated liabilities: Again, there are 12 boxes and the ranges match those from the assets category. ATD chose: $1,000,000,001 - $10 billion.
The bankruptcy case, technically filed by ATD Corp., asked that the cases of eight affiliates be linked and joined to the primary case filed with the U.S. Bankruptcy Court for the District of Delaware. The affiliates are: Accelerate Holdings Corp., American Tire Distributors Holdings Inc., American Tire Distributors Inc., Hercules Asia Pacific LLC, Rubbr Automotive Service LLS, Terry’s Tire Town Holdings Inc., Hercules Tire & Rubber Co., and Tire Pros Francorp.
For more on today's Chapter 11 bankruptcy filing by ATD, read: