American Tire Distributor reached an agreement with a majority of its term loan holders to support its restructuring support agreement, which would reduce the company’s debt by approximately $1.1 billion and increase its financial flexibility as it continues its ongoing transformation.
The agreement results in the support of all three categories of the company’s debt holders.
“We are pleased to have the support of our term loan lenders for our previously announced restructuring support agreement, which will help to facilitate a fully consensual court-supervised process,” said Stuart Schuette, CEO of ATD.
