APC Automotive Technologies announced that it has successfully implemented a debt-restructuring plan with its asset-based lenders, term-loan lenders and significant equity holders.
The company recently filed for bankruptcy with the U.S. Bankruptcy Court for the District of Delaware, under Chapter 11 of the U.S. Bankruptcy Code. Chapter 11 filings are commonly known as “reorganization” bankruptcies.
As part of the restructuring, the company has reduced the debt on its balance sheet by more than $290 million and secured a new $50 million senior secured term loan to finance its go-forward operations, according to APC. The current management team, including CEO Tribby Warfield, will continue to lead the company forward and advance its strategic, operational and growth transformation initiatives.
“Our successful completion of this restructuring will allow us to better serve our customers and invest in our growth for years to come,” Warfield said. “As we said at the outset of this process, this milestone reflects our continued confidence and that of our stakeholders that we are on track for sustainable, long-term success. We look forward to continuing to build out our culture of high performance, accountability, and contribution that will enable us to deliver that success to our teammates, customers, suppliers and the aftermarket as a whole.”
Parties with questions about APC’s restructuring and emergence from Chapter 11 can contact its claims and solicitation agent, Stretto, at 855-260-9397 (toll-free in the U.S.) or 949-407-8590 or visit https://cases.stretto.com/APC.
Kirkland & Ellis LLP, Jefferies LLC and Weinsweig Advisors LLC served as advisors to the company through the restructuring.
