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LITTTLETON, Colo.--(BUSINESS WIRE)--APC Automotive Technologies, LLC, together with certain of its subsidiaries, (“APC” or the “Company”), today announced that it has entered into a comprehensive Restructuring Support Agreement (the “RSA”) with key stakeholders, including its asset-based lenders, 74% of its term loan lenders that are eligible to vote, and significant financial sponsors (the “RSA Parties”).
The restructuring transaction contemplated under the RSA will reduce APC’s outstanding indebtedness by approximately $290 million on a net basis, significantly strengthening the Company’s balance sheet and enhancing financial flexibility going forward. The RSA represents the commitment of the RSA Parties to support a comprehensive restructuring of the Company’s balance sheet.
Tribby Warfield, Chief Executive Officer of the Company, said, “The agreement with our lenders and equity sponsors represents their belief in APC’s business and their confidence in its future success. We are fortunate that APC possesses a market-leading underbody portfolio of highly regarded brands including Centric Parts®, StopTech®, AP Emissions®, Durafit® and Eastern Catalytic®, strong market recognition, and an exceptional customer base. Most importantly, we have an amazing team that is committed to providing quality products and excellent service to the industry.”
“This restructuring was designed to ensure that our ongoing business and service to customers continues without interruption, and I am confident that the steps we are announcing today will enable the Company to further enhance its ability to serve customers and invest in additional growth for years to come.”
To implement the financial restructuring contemplated under the RSA, the Company has filed voluntary petitions for reorganization pursuant to chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on June 3, 2020.
The Company will continue to solicit votes on its plan of reorganization during the chapter 11 filing. Because the Company’s plan has already received significant support from its lenders, the Company expects to complete the confirmation process and emerge from bankruptcy within the next month.
In addition, the Company has negotiated agreements with certain of its existing term loan lenders to provide APC $50 million of additional financing in the form of debtor-in-possession financing, which will roll into an exit term loan facility. This will ensure APC’s ability to operate on an uninterrupted basis.
APC will continue to operate in the ordinary course during the restructuring process, with adequate liquidity to meet its financial obligations to vendors, suppliers, and employees. The Company expects to continue making payments to these parties without interruption. Furthermore, the Company will continue to both receive inventory as well as take and fulfill customer orders as usual. The Company has also filed customary “first day” motions to facilitate its day-to-day operations during the restructuring process.
Parties with questions about the chapter 11 process may contact the Company’s Claims and Solicitation Agent, Stretto, at 855.260.9397 (toll-free in the U.S.) or 949.407.8590. Stretto has also set up a website at https://cases.stretto.com/APC, which will be updated with court documents and other information.
Kirkland & Ellis LLP, Jefferies LLC, and WeinsweigAdvisors LLC are the advisors for the Company. The RSA Parties include, among others: (i) the Term Loan Lender Group represented by King & Spalding LLP and FTI Consulting and (ii) the financial sponsors represented by White & Case LLP.
About APC Automotive Technologies
APC Automotive Technologies is a leading supplier of automotive, light truck, and heavy-duty undercar replacement parts. For more information, visit www.APCAutoTech.com.
Centric Parts has released the latest addition to its award-winning range of brake friction TACTICAL Police Duty Brake Pads by StopTech with proprietary Mu500 Chemically Enhanced Friction Performance and Silent On Arrival noise abatement technology. These AMECA-approved brake pads have been specially engineered to provide superior and silent braking performance under the most extreme driving conditions experienced by officers in pursuit and patrol situations, says the company.
The engineers at StopTech have developed friction formulations that incorporate Silent On Arrival technology that help provide stealth when needed, while the blue Mu500 friction surface enhancement provides maximum bite from the very first stop, eliminating the need for an extended bed-in period, says the company.
TACTICAL Police Duty Brake Pads by StopTech are available for all current police pursuit/patrol vehicles: CHEVROLET Caprice, Impala and Tahoe; DODGE Charger; FORD Crown Victoria, Police Interceptor (Explorer) and Police Interceptor Sedan (Taurus).
For more information, call 800-758-3004, email Centric at [email protected] or visit centricparts.com and stoptech.com.
TACTICAL Police Duty Brake Pads
Police-Specific Friction Formulations Extreme Temperature Fade Resistance Silent-On-Arrival Technology Mu500 Provides Optimal Initial Bite OE Design Slots and Chamfers OE Design Hardware Included NRS Backing Plates for Max Pad Retention Mechanically Attached Multi-Layer Shims
StopTech is Centric's ultra performance division, a leading innovator of world class brake components and systems for production-based racing cars and high performance vehicles on the street and track.
By Auto News
- Sales of $4.8 billion, Up 25.1%View the full article
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By Race Brake Shop
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Are you looking for premium Car Parts Sydney at reasonable prices? If so, then Car Part is the right place for you. Car Part is an Australia-wide automotive parts marketplace and directory. We will make it easy for you to connect with interested car parts buyers and sellers. Our recommendations will help you to get fully tested second-hand used car parts and genuine aftermarket products.
By Auto News
View the full article