APC Automotive Technologies, together with certain of its subsidiaries, has successfully implemented a debt restructuring plan.
The move was set out in the Restructuring Support Agreement with its asset-based lenders, term loan lenders, and significant equity holders, following the company’s invoked Chapter 11.
As part of the restructuring, APC 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.
“Our successful completion of this restructuring will allow us to better serve our customers and invest in our growth for years to come,” said Warfield. “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.”