APC Provides Restructuring Update to Employees
June 16, 2020
I am writing today to update you on the progress of APC Automotive Technologies’ reorganization under Chapter 11 of the U.S. Bankruptcy Code. Things are progressing smoothly, and we are on track to facilitate a level of transformation that will enable us to better serve our valued customers and invest in our growth for years to come.
As you know, on June 4th, we had our “first day hearing,” during which we sought, and received on an interim basis, approval of a variety of customary “first day motions” that will allow us to continue paying our vendors and employees in the ordinary course and to continue working with our customers as usual. The next phase will be the voting deadline on June 24th, followed by a “second day hearing,” if necessary, on June 26th to seek approval of the “first day motions” on a final basis and, finally, a combined hearing on July 10th for confirmation, or court approval, of our Plan of Reorganization.
I and the current management team want to assure you that this reorganization will continue to transform our culture to one of high performance, accountability, and contribution. We are committed to fostering an environment of change and agility, with the ultimate goal of creating a talent rich organization with widespread involvement of the employee base to generate best ideas for continuous improvement.
Given the positive progress we have made so far, we are well positioned for sustainable, long-term success, which would not be possible without your continued hard work and dedication to the company. Satisfying our customers continues to be a top priority, and this reorganization will be a key enabler for continuing to allow us to do so.
Because of your status as employees, you will receive routine notices in the mail about this case. We are legally required to send them, but should you have any questions about any of these materials, or the chapter 11 process more broadly, please contact your supervisor, human resource contact or visit our restructuring website at https://cases.stretto.com/APC/. I will also be in touch periodically let you know about major milestones in the case.
Once again, I want to thank you all for your continued dedication to APC Automotive Technologies. You are essential to our future success, and I look forward to continuing to keep in touch about improvements we are making across the company.
CEO, APC Automotive Technologies