American Tire Distributors Completes Important Asset Sale
American Tire Distributors, Inc. has recently made a significant move in the realm of corporate restructuring by finalizing the sale of nearly all of its assets to a specially formed entity comprising some of its existing lenders. This strategic decision marks a crucial step for the company as it navigates challenging financial conditions.
Details of the Asset Sale
The completed sale effectively transfers ownership of most assets from American Tire Distributors to a buyer group, which will take over the operations and management. However, it is important to note that the assets that were not included in this sale will remain under Chapter 11 bankruptcy administration. These properties will be handled by OldCo Tire Distributors, Inc., which is the new name established for the restructuring process.
Future Steps in Bankruptcy Proceedings
OldCo Tire Distributors, Inc. is diligently preparing its Chapter 11 plan and is expected to gain approval from the Bankruptcy Court in a hearing that is already scheduled. The thorough process aims to safeguard the interests of creditors while establishing a viable pathway for the future of the remaining assets.
Accessing Critical Information
For those interested in the unfolding events related to these Chapter 11 proceedings, comprehensive information is accessible on a dedicated website set up by OldCo Tire Distributors' claims agent. This encompasses vital documents, court filings, and guidelines on how to file claims as part of the bankruptcy verification process. Interested parties can reach out to the claims agent directly for further assistance.
Legal and Financial Advisors Engaged
The restructuring process has engaged several robust legal and financial advisory firms to ensure a smooth transition during this time. Kirkland & Ellis LLP, along with Troutman Pepper Locke LLP, are serving as legal counsel while Moelis and Company LLC acts as the investment banker for OldCo Tire Distributors, Inc. Moreover, AP Services LLC, an affiliate of AlixPartners, LLC, provides much-needed restructuring advice.
Advisory Roles of the Purchaser
The purchasing entity also benefits from representation by Akin Gump Strauss Hauer & Feld LLP for legal matters, alongside Perella Weinberg Partners LP for financial advisement, ensuring that the transaction is handled with the utmost professional integrity.
Contact Information for Media Inquiries
If you have media-related inquiries regarding this significant development, you may reach out to Aaron Palash, Richard M. Goldman, or Carly King at Joele Frank, Wilkinson Brimmer Katcher. Their contact number is 212-355-4449 for any direct communications.
Frequently Asked Questions
What was the purpose of the asset sale by American Tire Distributors?
The asset sale aimed to facilitate financial restructuring and safeguard the company's operations amid challenging financial conditions.
Who are the key advisors involved in the asset sale?
The asset sale involves several key advisors, including Kirkland & Ellis LLP and Moelis and Company LLC for legal and financial guidance, respectively.
What happens to the assets not included in the sale?
The remaining assets will remain in Chapter 11 bankruptcy proceedings and will be managed by OldCo Tire Distributors, Inc.
How can creditors file claims related to the bankruptcy process?
Creditors can find detailed instructions on how to file claims on the dedicated website set up by the claims agent for OldCo Tire Distributors.
Who should media inquiries be directed to regarding this sale?
Media inquiries can be directed to representatives Aaron Palash, Richard M. Goldman, or Carly King for further information regarding the sale and associated matters.
