American Tire Distributors enters a restructuring support agreement with some lenders that contemplates transitioning ownership of the co. through a competitive sale process, according to a statement.
- Proposed transaction would eliminate “significant” amount of debt and provide access to new capital
- Filed voluntary Chapter 11 proceedings in Delaware
- Estimated liabilities of $1b-$10b and estimated assets of $1b-$10b, according to a court filing
- Will continue to operate across its nationwide distribution network
- Secured commitments for $250 million in new financing from the ad hoc lender group, as well as access to $1.2 billion in financing from lenders under the firm’s prepetition ...
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.