Parts iD files for Chapter 11 bankruptcy

In a regulatory filing, Parts iD disclosed that on December 19, 2023, PARTS iD, a Delaware corporation and its subsidiary PARTS iD, LLC, a Delaware limited liability company entered into a Credit Agreement with Fifth Star, a Delaware corporation to which certain Roll-Up DIP Lenders have joined the Credit agreement by execution of a Roll-Up Dip Lender supplement in connection with the company’s intention to commence voluntary cases under Chapter 11 of the Bankruptcy Code. “As contemplated in the Credit Agreement, on December 20, 2023, the Company commenced solicitation of the Plan. Thereafter, on December 26, 2023, the Debtors filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. The Debtors have sought approval of a variety of “first day” motions containing customary relief intended to enable the Debtors to continue ordinary course operations during the Chapter 11 Cases. The Debtors continue to operate their businesses as a “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Additionally, the Debtors have requested the Bankruptcy Court schedule a hearing to confirm the Plan by no later than February 2, 2024, with a Plan voting deadline of January 8, 2024,” the filing stated.