Alta Equipment Group, Inc., a Michigan-based company, recently submitted a verified petition for relief pursuant to Section 1145 of the Bankruptcy Code. The petition was filed in the U.S. Bankruptcy Court for the Eastern District of Michigan on April 28, 2021.
Alta Equipment Group is a leading provider of rental, sales, and service of construction and industrial equipment in the Midwest and Southeast regions of the United States. The company has been in business for over 40 years and currently operates over 50 locations across the two regions.
The filing of the petition was made in order to facilitate a restructuring of Alta Equipment Group’s debt obligations. The company has entered into a restructuring support agreement with its senior lenders and other stakeholders which will allow it to reduce its debt by approximately $400 million. The restructuring support agreement also provides for a $50 million debtor-in-possession financing facility.
The filing of the petition will allow Alta Equipment Group to continue operating its business while it works to restructure its debt obligations. The company has stated that it intends to use the restructuring process to reduce its debt, improve its financial position, and emerge from the process as a stronger and more competitive company.
The filing of the petition is subject to approval by the Bankruptcy Court. If approved, Alta Equipment Group will be able to move forward with its restructuring process and continue operating its business. The company has stated that it is committed to working with its stakeholders to ensure a successful restructuring process and emergence from bankruptcy.
Alta Equipment Group’s filing of a petition for relief under Section 1145 of the Bankruptcy Code is an important step in the company’s efforts to restructure its debt obligations and improve its financial position. The filing of the petition will allow Alta Equipment Group to continue operating its business while it works to restructure its debt obligations and emerge from bankruptcy as a stronger and more competitive company.
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