
<PAGE>   1
                                                                    EXHIBIT 99.5

                                [APS LETTERHEAD]



                APS HOLDING CORPORATION RECEIVES FINAL APPROVAL
                 OF $100 MILLION DEBTOR-IN-POSSESSION FINANCING

Houston, Texas, (February 27, 1998) - APS HOLDING CORPORATION (APS) (NASDAQ:
APSIQ) announced that on February 26, 1998, the U.S. Bankruptcy Court in the
District of Delaware gave final approval to the $100 million
debtor-in-possession (DIP) financing the Company has arranged with The Chase
Manhattan Bank, as agent, and a consortium of lenders. On February 3, 1998, the
Company received interim approval providing, for access to $45 million under
the $100 million DIP facility. This has enabled the Company to operate its
business as usual while it begins its reorganization process.

"With the final approval of the $100 million in additional financing, APS has
the financial resources necessary to continue normal business operations as it
develops and implements a restructuring plan aimed at returning the Company to
profitability." Said Bettina M. Whyte, Chief Executive Officer of APS Holding.
"Our goal is to make APS a stronger and better business partner for both our
vendors and customers."

Ms. Whyte added, "All of us at APS remain committed to providing our customers
with the same level of quality performance and service they have come to expect
and deserve from APS. I want to personally thank our vendors and customers for
their continued support over the past few weeks."

APS filed for a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code
in the District of Delaware on February 2, 1998. The Company has retained the
services of Willkie Farr & Gallagher of New York City to act as bankruptcy
counsel. APS Holding Corporation's Chapter 11 case is being heard before Judge
Peter Walsh in the District of Delaware (Case #98-197; ref: APS Holding
Corporation).

APS Holding Corporation is a national distributor of Big A(R) brand and
manufacturer branded automotive replacement parts, as well as tools, equipment,
supplies and accessories. It sells to more than 1,650 associated auto parts
stores through 27 distribution centers and operates approximately 270
company-owned Big A(R) stores and 210 Installers' Service Warehouse units. The
Company has annual sales in excess of $800 million. As of December 25, 1997,
the Company's total assets and liabilities (book value), on an unaudited
consolidated basis were approximately $560 million and $471 million,
respectively.




                                     -more-
<PAGE>   2
This news release contains forward-looking statements that involve risks and
uncertainties. Actual results, events and performance could differ materially
from those contemplated by these forward-looking statements. Among the factors
that could cause actual results, events and performance to differ materially
are risks and uncertainties discussed in this news release and those detailed
from time to time in the Company's filings with the Securities and Exchange
Commission, including the Company's annual report on Form 10-K for the fiscal
year ended January 25, 1997 and the Company's quarterly report on Form 10-Q for
the quarterly periods ended April 25, July 25, and October 25, 1997, and in the
Company's other public reports and statements.
 
CONTACT:

BSMG WORLDWIDE
MEDIA:      DAN CAHILL    (212) 445-8216
INVESTORS:  MARK VALENTA  (212) 445-8263



                                      ###
