Wells Fargo Provides $1 Billion in Financing to American Tire Distributors
|Areas||Banking and Finance Law|
Goodmans acted as counsel to Well Fargo Capital Finance in structuring a financing deal to provide ATD with $1.05 Billion in exit financing to support operations and future growth initiatives at ATD and ensure they emerge from Bankruptcy. Uniquely, Wells Fargo (NYSE: WFC) was also its largest creditor as it reorganized, accounting for $1.1 billion of the $1 billion to $10 billion in debt before the reorganization.
“Wholesale tire supplier American Tire Distributors (ATD) successfully completed its financial recapitalization, reduced its debt by approximately $1.1 billion and emerged from Chapter 11. Wells Fargo Capital Finance provided $1.005 billion in committed exit financing to support operations and future growth initiatives.” – PRNewsWire