Having received the approval, the company expects the sale by Feb. 28
Huntersville, N.C.—American Tire Distributors, Inc. (ATD) has announced that the U.S. Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the company’s assets to a buyer entity. The buyer is formed by some of the company’s existing lenders. Having received the approval, the company expects the sale by Feb. 28.
“We are pleased to have received court approval of our sale transaction with the purchaser, which marks one of the final steps in our sale process,” said Michael Feder, Interim Chief Executive Officer of ATD and Partner and Managing Director at AP Services, LLC, an affiliate of AlixPartners, LLP. “Having conducted a competitive sale process over the last several months, we believe that this agreement represents the best path forward for the business and all of our stakeholders. The purchaser is poised to move forward as a stronger partner to manufacturers and customers.”
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