Icahn Enterprises' Auto Plus Files Chapter 11

SUNNY ISLES BEACH, Fla., Jan. 31, 2023 -- Icahn Enterprises L.P. owns or controls a number of companies that have been quite successful over the years. However, in the case of IEH Auto Parts Holding LLC and its subsidiaries (collectively, "Auto Plus"), an aftermarket parts distributor held within the Automotive segment of IEP, various factors have negatively impacted this business as well as the industry in general, including lessened demand, supply chain disruptions, an inflationary environment and the effects of COVID-19. Therefore, on January 31, 2023, Auto Plus determined to file a voluntary chapter 11 case. This proceeding is limited to Auto Plus and will not have a significant impact on IEP.

Since acquiring Auto Plus, IEP has invested significantly in transformation and restructuring initiatives and has loaned significant amounts to Auto Plus but has obviously been disappointed in the results of these investments and the continued losses that Auto Plus has experienced. As a result, IEP has determined that it would no longer be prudent to continue to loan money to Auto Plus at this juncture unless done in connection with a restructuring process. 

Auto Plus expects to continue to operate its business in the ordinary course and also plans to run a sale process for substantially all of its assets during the chapter 11 case.

Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.