APC Automotive Technologies, LLC, together with certain of its subsidiaries, announced that it has successfully implemented the debt restructuring set out in the Restructuring Support Agreement with its asset-based lenders, term loan lenders, and significant equity holders, following confirmation of the Company’s chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware on July 10, 2020, which became effective July 24, 2020.

As part of the restructuring, the Company 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 forward and advance its strategic, operational, and growth transformation initiatives.

“Our successful completion of this restructuring will allow us to better serve our customers and invest in our growth for years to come,” said Tribby Warfield, Chief Executive Officer of the Company. “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.”