American Tire Distributors announced that it has successfully completed its financial recapitalization by reduced its debt by approximately $1.1 billion. The company said it is issuing payment for all pre-petition obligations currently due. ATD will recapitalize on a fully consensual basis, with the support of all of its key financial stakeholders, as well as its vendors and customers, and moves forward with $1.005 billion of committed exit financing arranged by Wells Fargo Capital Finance to support operations and future growth initiatives.
“Today marks a new beginning for ATD. We are a stronger company with the financial flexibility to build on an 80-year history of leadership and innovation,” said Stuart Schuette, Chief Executive Officer of ATD. “We are laser-focused on delivering greater value for our customers and manufacturer partners, with differentiated capabilities based on advanced analytics. Our ongoing transformation means that ATD will remain the most connected and insightful automotive solutions provider for decades to come.”
Mr. Schuette continued, “All of us at ATD would like to thank our customers and manufacturer partners for their continued support. I also am deeply grateful to our team of more than 5,000 associates across North America. They are the most dedicated and experienced professionals in the industry. They live our values every day by focusing their full attention on keeping our customers thriving and driving into the future.”
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