APC Clears Path For Successful Restructuring (Employees)
July 10, 2020
To All APC Automotive Technologies (APC) Employees:
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, 2020.
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. This includes the debt on our balance sheet reduced and 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 remain steadfast in our strategic, operational, and cultural transformation. We will continue to enhance APC’s culture of high-performance, accountability, and contribution and I am eager for you to be a part of the company’s transformation.
The new financing, we have obtained will allow us to continue our focus on building critical aftermarket products and appropriate inventory levels to meet our customer’s needs.
We could not have reached this point without your support. We are grateful and appreciative of each and every one of you and for your continued trust and commitment to the company.
Chief Executive Officer
APC Automotive Technologies