APC Automotive Technologies
The restructuring aims to reduce APC’s debt by approximately $290 million on a net basis, the company says, significantly strengthening the Company’s balance sheet and enhancing financial flexibility going forward.
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.”
APC has also negotiated agreements with certain of its existing lenders to provide the company with $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 as normal during the restructuring process and will be able to meet its financial obligations to vendors, suppliers and employees without interruption. The company will continue to both receive inventory as well as take and fulfill customer orders as usual.
