American Tire Distributors, Inc. ("ATD" or the "Company") announced that the United States Bankruptcy Court for the District of Delaware ("the Court") has confirmed the Company's Plan of Reorganization (the "Plan"). The Company expects to complete its recapitalization and successfully emerge from Chapter 11 by the end of the year.

Upon emergence, the Company will reduce its debt by more than $1.1 billion and will receive new exit financing to ensure it will have greater financial flexibility to support ATD's ongoing, game-changing transformation.

"We were able to reach this key milestone on an accelerated basis thanks to the confidence and support of our financial stakeholders, manufacturer partners and customers," said Stuart Schuette, Chief Executive Officer of ATD. "Through this recapitalization process, we are creating a stronger ATD, with less debt and greater financial flexibility to build on our 80-year history of leadership and innovation. Importantly, we continued to deliver strong operating results throughout this process. Our performance reflects the deep value proposition that ATD continues to offer our customers and our manufacturer partners. We look forward to completing this process and remain laser-focused on providing our customers with the unparalleled selection and service they expect from ATD."

Mr. Schuette continued, "I want to thank our team of more than 5,000 associates, who have maintained an unwavering focus on serving our customers and working with our manufacturer partners. Our associates continue to be the driving force that is enabling ATD to lead change in the industry. I also want to thank our customers, manufacturer partners and other business partners for their continued support and trust throughout this process."

Kirkland & Ellis LLP is serving as legal counsel to ATD, AlixPartners LLP is serving as operational advisor and Moelis & Company LLC is serving as financial advisor.