COVID-19 UPDATE FROM OUR CEO
Before the Independence Day holiday, I wanted to take a moment to give you an update on the status of APC Automotive Technologies’ financial restructuring. I am pleased to tell you that we are on schedule to complete this process and exit chapter 11 bankruptcy later this month. The confirmation hearing, at which we expect the court to approve our chapter 11 plan, is scheduled for July 10. Notably, 100% of our term loan lenders that cast ballots on the plan voted in favor.
Importantly, we have also secured access to financing, both during the case and upon exiting chapter 11, which will provide us with the financial runway to continue paying employees and vendors as well as serving our customers.
None of what we have accomplished would be possible without your support and commitment, and I am grateful to each and every one of you. I hope you all take some time over the weekend to celebrate with family and friends.
Chief Executive Officer
APC Automotive Technologies