American Tire Distributors, Inc. voluntarily filed for reorganization under Chapter 11. The company said that it has entered into a definitive agreement with approximately 75% of its bondholders on the terms of its recapitalization that would reduce the Company’s debt by approximately $1.1 billion and increase its financial flexibility as it continues its ongoing transformation. American Tire says it’s one of the biggest independent sellers of replacement tires, with more than 140 distribution centers in the U.S. and Canada and about 5,000 employees. The company, based in Huntersville, N.C., was thrown into disarray earlier this year when the makers of Goodyear and Bridgestone tires decided to deal directly with consumers through their own networks. Another blow came when Sears auto centers agreed to install tires bought on Amazon.com. Click here, here and here for the full story.