Jump to content

  • Welcome to Auto Parts Forum

    Whether you are a veteran automotive parts guru or just someone looking for some quick auto parts advice, register today and start a new topic in our forum. Registration is free and you can even sign up with social network platforms such as Facebook, X, and LinkedIn. 

     

Auto Plus Chapter 11 Statement


APF

Recommended Posts

Icahn Enterprises L.P. Issues Statement Regarding Auto Plus


NEWS PROVIDED BY

link hidden, please login to view

Jan 31, 2023, 23:15 ET

 

SUNNY ISLES BEACH, Fla., Jan. 31, 2023/PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq:

link hidden, please login to view
) owns or controls a number of companies that have been quite successful over the years. However, in the case of IEH Auto Parts Holding LLC and its subsidiaries (collectively, "Auto Plus"), an aftermarket parts distributor held within the Automotive segment of IEP, various factors have negatively impacted this business as well as the industry in general, including lessened demand, supply chain disruptions, an inflationary environment and the effects of COVID-19. Therefore, on January 31, 2023, Auto Plus determined to file a voluntary chapter 11 case. This proceeding is limited to Auto Plus and will not have a significant impact on IEP.

Since acquiring Auto Plus, IEP has invested significantly in transformation and restructuring initiatives and has loaned significant amounts to Auto Plus but has obviously been disappointed in the results of these investments and the continued losses that Auto Plus has experienced. As a result, IEP has determined that it would no longer be prudent to continue to loan money to Auto Plus at this juncture unless done in connection with a restructuring process. 

Auto Plus expects to continue to operate its business in the ordinary course and also plans to run a sale process for substantially all of its assets during the chapter 11 case.

Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

Caution Concerning Forward-Looking Statements

This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to the Chapter 11 cases, including, but not limited to, obtaining bankruptcy court approval with respect to the motions in the Chapter 11 cases, the effects of the Chapter 11 cases on Auto Plus and IEP, and on the interests of various constituents, bankruptcy court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the length of time Auto Plus will operate under the Chapter 11 cases, risks associated with third-party motions in the Chapter 11 cases, the potential adverse effects of the Chapter 11 cases on Auto Plus's and IEP's liquidity or results of operations; Auto Plus's ability to obtain debtor-in possession financing and the amount, terms, and conditions of any such financing; the effects of disruption from the Chapter 11 cases making it more difficult to maintain business and operational relationships, to retain key executives, and to maintain various licenses and approvals necessary for Auto Plusto conduct its business; the consequences of the acceleration of Auto Plus's debt obligations, as well as economic downturns, substantial competition and rising operating costs; risks related to the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; the impacts from the Russia/Ukraine conflict, including economic volatility and the impacts of export controls and other economic sanctions,; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels as a result of the COVID-19 pandemic, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping, including as a result of the Russia/Ukraine conflict; interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

Investor Contact:
Ted Papapostolou, Chief Financial Officer
(305) 422-4100

SOURCE Icahn Enterprises L.P.

 

link hidden, please login to view

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By OReilly Auto Parts
      Random Sparkalator Facts w/ Vice Grip Garage | O'Reilly Auto Parts
    • By Counterman
      The Auto Care Association recently announced the addition of Jacki Lutz as director of content to its communications team.
      As the director of content, Lutz will be tasked with leading a cross-functional and multimedia content strategy, development and execution across all platforms. Lutz also will be responsible for shaping and driving content initiatives to meet the association’s business objectives; enhancing brand presence; and engaging with current and prospective members.
      With more than a decade of marketing and communications experience in the automotive aftermarket, “Lutz’s mastery of telling brands’ stories in a clear and compelling way will enable the association to expand the reach of its mission to more industry professionals both across the supply chain and up and down the business ladder,” the association said in a news release.
      “The Auto Care Association has spent the past several years working on building an organization that meets its members’ needs of today with solutions that can carry them into the industry of tomorrow,” said Bill Hanvey, president and CEO. “A vital part of being that kind of a dependable association for its members means being able to connect with them – all of them – and that begins with great communication. The addition of Jacki Lutz to our communications team will help the Auto Care Association to grow its connections with our members and share their stories in an impactful way with the entire auto care industry.”
      Prior to joining the Auto Care Association, Lutz served as the senior manager of global corporate marketing communications for Sensata Technologies, where she created and executed a new centralized marketing communication strategy for all of its business units, including aerospace, automotive, heavy-duty, clean energy and aftermarket. Since 2013, Lutz previously held additional roles within Sensata Technologies, including global head of communications, training and e-commerce, auto and aftermarket; global head of marketing and communications, aftermarket; and marketing and communications manager, NA aftermarket.
      Lutz has been an active member of the Auto Care Association, participating in and providing leadership to the association’s Marketing and Communications Committee; the Young Auto Care Network Group (YANG); the AWDA Manufacturer’s Advisory Council; and the Women in Auto Care Executive Board.
      Lutz has contributed to several other prominent industry organizations throughout her career. She served as president of the Automotive Communications Council and has contributed her expertise to the boards of MEMA Aftermarket’s Marketing Executive Council and the Automotive Aftermarket Charitable Foundation.
      Lutz’s remarkable contributions have been recognized with prestigious accolades, including the Auto Care Impact Award, SEMA’s 35 under 35 distinction, membership in Babcox’s Women at the Wheel and induction into Tire Review’s esteemed Club 3633.
      The post
      link hidden, please login to view appeared first on link hidden, please login to view.
      link hidden, please login to view
    • By Advance Auto Parts
      Advance Auto Parts Appoints Three New Independent Directors
      03/11/2024   Enters into Cooperation Agreement with Third Point LLC and Saddle Point Management L.P.
      RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, today announced that it has appointed A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt as independent directors to the Advance Auto Parts board, effective immediately. In connection with these appointments, the company has entered into a cooperation agreement with Third Point LLC (together with its affiliates, “Third Point”) and Saddle Point Management, L.P. (together with its affiliates, “Saddle Point”).
      “We are pleased to welcome Brent, Greg and Tom to the Advance Auto Parts board,” said Gene Lee, independent chair of the board of directors. “These directors’ automotive industry and supply chain experience will help us progress in our plan to return the company to profitable growth. With new management in place, important strategic actions underway, and an enhanced board, we are confident that Advance is on the right path to create significant long-term value for shareholders.”
      “At Advance, our board prioritizes ongoing refreshment to help ensure we have the right expertise and experience to oversee our strategy while profitably growing our business,” said Shane O'Kelly, president and chief executive officer. “As we continue our operational initiatives focusing on the fundamentals, improving our competitive position, and serving our customers better than anyone else, including through the consolidation of our supply chain to a single unified network, we look forward to benefiting from our new directors’ extensive industry relationships and experience.”
      “These three directors bring essential operational experience and industry expertise to support Shane as he executes on an ambitious agenda,” said Daniel S. Loeb, chief executive officer of Third Point. “With fresh perspectives in the C-suite and board room and a long runway for growth, we believe Advance is well positioned to create meaningful value for shareholders.”
      “Advance has enormous potential to deliver better results for customers, suppliers, team members, and shareholders. The company's collaborative and focused approach is a key enabling factor for success," said Roy J. Katzovicz, chief executive officer of Saddle Point Management, L.P.
      The full cooperation agreement, which contains customary standstill, voting and other provisions, will be filed by the company with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K. Additionally, Legion Partners Holdings, LLC (together with its affiliates, “Legion”), another Advance Auto Parts shareholder, has indicated its support for the additions of Mr. Windom, Mr. Smith and Mr. Seboldt to the company’s board of directors.
      With the appointments announced today, the company’s board will temporarily expand to 12 directors. At the 2024 annual meeting scheduled for May 22, 2024, 11 director nominees are expected to stand for election to the Advance Auto Parts board, including the three newly appointed directors.
      Advisors
      Centerview Partners LLC is acting as financial advisor to Advance Auto Parts and Hogan Lovells US LLP is acting as legal counsel. Willkie Farr & Gallagher LLP is acting as legal counsel to Third Point and Saddle Point, and Proskauer Rose LLP is acting as legal counsel to Saddle Point.
      About A. Brent Windom
      Brent Windom, 63, is an experienced automotive industry executive, having spent nearly four decades working in roles across the sector. Most recently, Mr. Windom served as President and Chief Executive Officer of Uni-Select Inc., a leading automotive refinish, industrial coatings and automotive aftermarket parts distributor. Previously, Mr. Windom was President and COO of Canadian Automotive Group from July 2017 to May 2019, as well as president and Chief Executive Officer of Auto Plus ǀ Pep Boys, which was formed following Icahn Enterprises L.P.’s acquisition of Uni-Select USA, Inc. and Beck/Arnley Worldparts, Inc. Prior to joining IEH Auto Parts, Mr. Windom spent 10 years with Uni-Select, where he held positions of increasing responsibility including President and Chief Operating Officer, Uni-Select USA.
      About Gregory L. Smith
      Gregory L. Smith, 60, is a proven supply chain expert with nearly 30 years of experience across a variety of industries. Mr. Smith currently serves as Executive Vice President, Global Operation and Supply Chain of Medtronic plc. Prior to joining Medtronic in 2021, Mr. Smith was Executive Vice President, Supply Chain of Walmart Inc. from 2017 to 2021 and Senior Vice President, Global Operations of The Goodyear Tire and Rubber Company from 2011 to 2016. Earlier in his career, Mr. Smith spent a decade with Conagra Foods, Inc., where he served in several leadership positions, including Executive Vice President, Supply Chain. He previously held roles with United Signature Foods LLC and Aurora Foods Inc.
      About Thomas W. Seboldt
      Thomas W. Seboldt, 57, is a seasoned automotive executive with over three decades of industry experience. Mr. Seboldt spent the vast majority of his career with O’Reilly Automotive, Inc., where he held several titles of increasing responsibility, including Vice President, Merchandising. Mr. Seboldt has also served on the Board of prominent industry associations including the California Automotive Wholesalers' Association (“CAWA”) and the Auto Care Association. During his tenure on the CAWA Board, Mr. Seboldt has served in a variety of positions, including as President, Vice President, Executive Committee member and Treasurer.
      About Advance Auto Parts
      Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of December 30, 2023, Advance operated 4,786 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,245 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at 
      link hidden, please login to view. Forward-Looking Statements
      Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about our strategic initiatives, operational plans and objectives, corporate governance, board performance, director nominees at the 2024 annual meeting of stockholders, expectations for economic conditions, future business results and future financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect our views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, factors related to the company’s leadership transition, the timing and implementation of our initiatives, our potential divestiture of Worldpac and the company's Canada business, our ability to hire, train and retain qualified employees, deterioration of general macroeconomic conditions, the highly competitive nature of our industry, demand for our products and services, complexities in our inventory and supply chain and challenges with transforming and growing our business. Please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by our subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

      link hidden, please login to view
    • By Dorman Products
      Auto service inspection checklist?
    • A-premium Auto Parts:5% OFF with Code GM5.
    • By Counterman
      The Auto Care Association announced it has been
      link hidden, please login to view. “This prestigious award is a testament to the association’s commitment to creating an inclusive, supportive and dynamic work environment for its employees,” Auto Care said in a news release.
      With a remarkable 95% of employees affirming that the Auto Care Association is a great place to work, the organization stands out significantly above the national average. This recognition is based on direct feedback from employees, provided as part of the Great Place to Work’s rigorous, data-driven methodology.
      The survey highlighted several areas where the Auto Care Association excels, including management’s approachability, effective coordination and assignment of tasks and the provision of necessary resources and equipment to employees.
      Headquartered in Bethesda, Maryland, the Auto Care Association employs more than 40 U.S.-based workers and is renowned for its advocacy, educational, networking, technology and market-intelligence resources. It plays a pivotal role in the automotive aftermarket, driving innovation and competitiveness through its evaluation of market trends and development of new tools to adapt to evolving patterns.
      “This certification is not just a milestone for our association but a reflection of the hard work, dedication, and passion of our team,” said Bill Hanvey, president and CEO of the Auto Care Association. “We are deeply committed to ensuring our workplace is not only rewarding and supportive but also fosters the growth and development of all our employees.”
      The Auto Care Association added that its “culture is built on a foundation of mutual respect, collaboration and a shared vision for the future of the automotive aftermarket.”
      Auto Care uses the acronym TCIF to summarize its corporate values. It stands for Teamwork, Curiosity, Integrity and Fun. These values “have cultivated a workplace where 97% of employees feel management is approachable and hires people who fit well within the organization,” according to Auto Care.
      “Great member service starts with a strong internal foundation,” said Lea Diamond, vice president, people operations, for the Auto Care Association. “Our strengths internally are reflected in the level of service and care we provide to our members and the industry.”
      The post
      link hidden, please login to view appeared first on link hidden, please login to view.
      link hidden, please login to view

×
  • Create New...