Alta Equipment Group, Inc. (“Alta”) recently submitted a verified petition for relief pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Alta is a leading provider of equipment solutions for construction, material handling, and industrial markets in the Midwest and Southeast United States.
The filing is intended to facilitate a comprehensive restructuring of Alta’s balance sheet and operations. As part of the restructuring, Alta has secured $50 million in debtor-in-possession (“DIP”) financing from its existing lenders, which will provide Alta with the liquidity necessary to continue operations during the restructuring process. Alta has also received commitments for up to $100 million in exit financing from its existing lenders.
Alta’s President and Chief Executive Officer, Joe Laskowski, stated, “We are committed to taking the necessary steps to strengthen our balance sheet and position Alta for long-term success. We are confident that this process will enable us to emerge as a stronger company with improved financial flexibility and a renewed focus on providing our customers with the best products and services in the industry.”
Alta intends to use the Chapter 11 process to reduce its debt, improve its capital structure, and position itself for long-term success. The company is working closely with its lenders to develop a comprehensive restructuring plan that will be presented to creditors for approval. Alta expects to emerge from Chapter 11 as soon as practicable.
Alta’s operations will continue uninterrupted during the restructuring process. The company will continue to honor customer warranties, provide parts and service support, and fulfill customer orders in a timely manner. Alta will also continue to pay its vendors in full for goods and services provided during the Chapter 11 process.
Alta Equipment Group is a leading provider of equipment solutions for construction, material handling, and industrial markets in the Midwest and Southeast United States. The company’s recent filing for relief under Chapter 11 of the United States Bankruptcy Code is intended to facilitate a comprehensive restructuring of Alta’s balance sheet and operations. As part of the restructuring, Alta has secured $50 million in debtor-in-possession financing and has received commitments for up to $100 million in exit financing from its existing lenders. Alta intends to use the Chapter 11 process to reduce its debt, improve its capital structure, and position itself for long-term success. The company’s operations will continue uninterrupted during the restructuring process and all customer warranties, parts and service support, and orders will be fulfilled in a timely manner.
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