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NEWS

5.23.19
Curtis Wins Turnaround Atlas Award for the Chapter 11 Restructuring of American Tire Distributors

 

Curtis' R&I team was recognized at the 11th Annual Restructuring + Distressed Forum and Turnaround Atlas Awards held on May 20, 2019 in the "Large Corporate Turnaround" category. The winning transaction involved the Chapter 11 reorganization of American Tire Distributors (“ATD”).

ATD, one of the largest independent suppliers of tires to the replacement tire market in the United States and Canada, filed for Chapter 11 in October 2018, and emerged from bankruptcy mere 78 days later, having reduced its debt by approximately US$1.1 billion.

Our team represented Pirelli North America, Inc. (“Pirelli”), one of the largest global tire manufacturers, in connection with its membership on the official committee of unsecured creditors, and assisted Pirelli in negotiating the terms of a trade agreement that provided for payment in full of Pirelli’s claims, as well as the terms of a security agreement and subordination agreement applicable to Pirelli’s go-forward relationship with ATD. 

The Curtis team was led by group chair Lynn P. Harrison III and the team included restructuring partner James V. Drew and corporate counsel Susana M. Namnum.

For a full list of M&A Turnaround Awards winners, click here.

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