APC Automotive Technologies, LLC, together with certain of its subsidiaries 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 today, July 24, 2020.
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 Tribby Warfield, Chief Executive Officer of the Company. “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.
About APC Automotive
APC Automotive Technologies Intermediate Holdings, LLC and its affiliates are aftermarket suppliers of brake, chassis, exhaust, and emissions parts for passenger vehicles, trucks, and commercial vehicles. They were formed through the merger of AP Exhaust and Centric in 2017.
On June 3, 2020, APC Automotive Technologies and its 13 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11466).
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The Debtors have tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel; Klehr Harrison Harvey Branzburg LLP as local bankruptcy counsel; Jefferies Group, LLC as financial advisor; Weinsweigadvisors, LLC as restructuring advisor; Ernst & Young LLP as tax advisor; and Bankruptcy Management Solutions, Inc. as notice, claims and balloting agent and as administrative advisor.