York Capital-Backed American Car Center Files for Bankruptcy

American Car Center, a used car dealer and finance company backed by York Capital Management, filed for bankruptcy after shuttering its business and as a growing cohort of people face auto repossessions.

The company filed for Chapter 7 bankruptcy in Delaware, court papers show. It listed assets of $50m-$100m and liabilities of $50m-$100m.

American Car Center, which offers financing to customers regardless of their credit history, said in an email to employees on Feb. 24 that the firm was ceasing all operations, closing its headquarters in Memphis, Tennessee, and that all employees would be terminated, according to people ...