American Tire Distributors Picks DIP Lenders’ Bid in Asset Sale

Bankrupt American Tire Distributors has chosen Asphalt Buyer LLC, an entity formed by some DIP lenders, as the winning bid of its major asset sale, according to a court document dated Sunday.

• A sales hearing originally scheduled for Thursday has been adjourned to February
• The company didn’t receive any other qualified bids, it said
  • The winning bid, which was also the so-called stalking-horse bid, offers to use $585 million pre-petition term loan claims and new money DIP claims to purchase almost all of ATD’s assets, court papers showed
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