Alta Equipment, a Michigan-based construction and material handling equipment company, is seeking relief from creditors through a verified petition pursuant to Chapter 11 of the United States Bankruptcy Code. The company filed for bankruptcy protection on April 1, 2021, citing the impact of the COVID-19 pandemic on its business operations.
Alta Equipment has been in business since 1985 and is a leading provider of construction and material handling equipment in the Midwest. The company has been struggling financially due to the pandemic, which has caused a sharp decline in demand for their products and services. The company has been unable to pay its creditors and has been unable to restructure its debt. As a result, Alta Equipment has decided to seek relief through a verified petition pursuant to Chapter 11 of the United States Bankruptcy Code.
The Chapter 11 filing will allow Alta Equipment to restructure its debt and reorganize its operations in order to become more financially stable. The company will be able to negotiate with its creditors to reduce its debt and obtain more favorable terms. Additionally, the filing will provide Alta Equipment with additional time to restructure its operations and develop a plan for long-term financial stability.
Alta Equipment is hopeful that the Chapter 11 filing will provide the company with the relief it needs to remain in business and continue providing quality products and services to its customers. The company is committed to working with its creditors to reach an agreement that is beneficial for all parties involved.
The filing of a verified petition pursuant to Chapter 11 of the United States Bankruptcy Code is an important step for Alta Equipment as it seeks relief from its creditors and works towards becoming financially stable. The company is hopeful that the filing will provide the relief it needs to remain in business and continue providing quality products and services to its customers.
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