COVID-19 UPDATE FROM OUR CEO
To All Our Customers:
I am writing today to update you on the progress of APC Automotive Technologies’ reorganization under Chapter 11 of the U.S. Bankruptcy Code. Things are progressing smoothly, and we are on track to facilitate a level of transformation that will enable us to better serve our valued customers like you and invest in our growth for years to come.
On June 4th, we had our “first day hearing,” during which we sought, and received on an interim basis, approval of a variety of customary “first day motions” that will allow us to continue paying our vendors and employees in the ordinary course and to continue working with our customers as usual. The next phase will be the voting deadline on June 24th, followed by a “second day hearing,” if necessary, on June 26th to seek approval of the “first day motions” on a final basis and, finally, a combined hearing on July 10th for confirmation, or court approval, of our Plan of Reorganization.
Given the positive progress we have made so far, we are well positioned for sustainable, long-term success, which would not be possible without your continued trust and partnership. Satisfying our customers continues to be a top priority, and this reorganization will be a key enabler for continuing to allow us to do so.
Should you have any questions about the current status of our case or the Chapter 11 process more broadly, please contact your regular APC contact or visit our restructuring website at https://cases.stretto.com/APC/.
I want to thank you for your continued, valued support of APC Automotive Technologies and we look forward to working together for years to come.
CEO, APC Automotive Technologies