American Tire Distributors Inc., filed for chapter 11 protection in Delaware after reaching a deal with most of its bondholders to cut about $1.1 billion of debt. Bondholders will get equity in a new, reorganized version of the company through a plan that is still subject to court approval, according to the filing.
The company has yet to reach a deal with a group of senior leaders, however, and said those talks will continue.
If you are thinking about filing for bankruptcy contact our law office at 816-524-4949 or go to our website at Hoorfarlaw.com