APC Automotive Technologies, LLC, together with certain of its subsidiaries recently announced that it has successfully implemented the debt restructuring set out in the Restructuring Support Agreement with its asset-based lenders, term loan lenders and significant equity holders, following confirmation of the company’s chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware on July 10, 2020, which became effective July 24.
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. 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,” said Warfield. “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 may 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 WeinsweigAdvisors LLC served as advisors to the company through the restructuring.