October 4, 2018 / 9:01 PM / 5 months ago

American Tire's Ch. 11 filing hits the road after deal with bondholders

American Tire Distributors Inc, one of the largest tire suppliers in the United States and Canada, filed for bankruptcy on Thursday aiming to cut about $1.1 billion in debt in exchange for giving bondholders 95 percent of equity in a reorganized company.

Existing equity holders will get 5 percent of new equity in American Tire’s planned reorganization, which stems from a restructuring agreement unveiled last month with holders of 70 percent of its bonds, the company added in a statement regarding its Chapter 11 filing in U.S. Bankruptcy Court in Delaware.

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