Alta Equipment, a Michigan-based company, recently filed a petition for relief pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Michigan. The filing was made on October 13, 2020 and is the latest in a series of financial difficulties faced by the company.
Alta Equipment is a leading provider of construction and industrial equipment, with a network of over 40 locations throughout the Midwest. The company has been in business for over 50 years, providing customers with quality products and services.
The petition for relief was filed in order to restructure the company’s debt and to provide a path forward for the company to continue operations. The filing will allow Alta to continue to operate while it works to reorganize its finances and operations.
The filing includes a plan for Alta to reduce its debt by more than $50 million and to secure additional financing to help the company move forward. The company has also indicated that it is working with its creditors to reach an agreement on a restructuring plan.
The filing does not affect Alta’s customers or employees, and the company is continuing to operate as normal. Alta’s management team is confident that the filing will provide the company with the resources it needs to continue providing quality products and services to its customers.
Alta Equipment’s filing is an example of how companies can use the bankruptcy process to restructure their finances and operations in order to move forward. It is important for companies to understand that filing for bankruptcy does not necessarily mean that they are going out of business, but rather that they are taking steps to ensure their long-term success.
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