Tire Distributor ATD Opens Del. Ch. 11 With $2.6B Debt
By Rose Krebs (October 4, 2018, 6:15 PM EDT) -- ATD Corp., one of the nation's top distributors of replacement tires, filed for Chapter 11 protection in Delaware Thursday with plans to reduce the company's roughly $2.6 billion in debt by about $1.1 billion in a debt-for-equity swap.
In a first-day declaration filed with the bankruptcy court, the company cited trends in the tire industry toward online sales and of the loss of distribution agreements with Goodyear and Bridgestone as causing declining sales that led the company and eight of its subsidiaries into Chapter 11.
Earlier this year, Goodyear and Bridgestone announced a joint venture to distribute tires directly to retailers...
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