APC Automotive Files for Bankruptcy, Tipped Over by Pandemic

Car parts supplier APC Automotive Technologies has filed for bankruptcy after the coronavirus pandemic hit sales and plunged the already struggling firm into a liquidity crisis.

The company, created by private equity firms Harvest Partners LLC and Audax Group LP three years ago, agreed a restructuring of its balance sheet with creditors prior to the filing, providing it with $50 million in new financing, according to court documents date-filed May 31.

The deal will see APC’s $431 million debt pile cut to $139 million, in exchange for its lenders receiving a stake in the business. APC is looking to emerge ...