Reported about 1 month ago
American Tire Distributors Inc. has filed for Chapter 11 bankruptcy protection for the second time, this time with $1.9 billion in debt, as it explores a sale process to reduce its financial burden. The company has secured $250 million in new financing and agreements with lenders, who hold a significant portion of its debt, to support its restructuring efforts. This follows challenging market conditions exacerbated by losing direct relationships with major tire manufacturers.
Source: YAHOO