American Tire Distributors announced the voting results for its Chapter 11 Plan of Reorganization. The near unanimous acceptance of the Plan by voting stakeholders reflects the overwhelming support for the Company’s plan and reorganization efforts. The Plan received approval from each class of creditors and holders of interests entitled to vote, far exceeding the required thresholds, including 100% of voting term loan lenders, 98% of voting bondholders, and 100% of voting shareholders.
“The voting results we are announcing today reflect the strong confidence that our financial stakeholders have in ATD’s business and the actions we are taking to lead our industry forward,” said Stuart Schuette, Chief Executive Officer of ATD. “The support of our financial stakeholders has enabled us to move through this process on an expedited basis. We are now entering the final phase of this process and are poised to move forward as a stronger company that is even better positioned to help our customers continue thriving and driving into the future.”
The Company’s recapitalization will reduce its debt by more than $1.1 billion and provide the Company with new exit financing to support its ongoing operations. A confirmation hearing on the Plan is scheduled to occur on December 19, 2018.
Additional information is available on ATD’s restructuring website at www.ATDrecapitalization.com or by calling ATD’s restructuring hotline, toll-free in the U.S., at (866) 967-0495.
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