COVID-19 UPDATE FROM OUR CEO
Dear Valued Customer,
I am pleased to let you know that the U.S. Bankruptcy Court for the District of Delaware confirmed APC Automotive Technologies’ chapter 11 plan of reorganization today, clearing the path for APC to emerge from bankruptcy on or before July 24th.
This significant milestone in our restructuring reflects our continued confidence and that of our stakeholders that APC Automotive Technologies is on track for sustainable, long-term success, with the debt on our balance sheet reduced by more than $290 million and $50 million in new financing secured. We entered this restructuring process in order to create a stronger financial foundation for APC that will enable us to better serve our customers for years to come, and I can say with confidence that we now have that foundation.
I and the current management team will continue to lead APC Automotive Technologies forward and continue its strategic, operational, and cultural transformation. We will continue to hone APC’s culture of high performance, accountability, and contribution, and I am eager for you to see the results of our transformation.
The new financing, we have obtained will allow us to maintain appropriate inventory levels going forward. Meeting your needs remains our top priority, and we are now positioned to do so better than ever. If you have any concerns, please feel free to be in touch with your usual contact at APC.
We could not have reached this point without your support. We are grateful for your continued trust and partnership, and we look forward to continuing to grow our relationship for years to come.
Chief Executive Officer
APC Automotive Technologies