Streamlining Multi-Location Liquidation of Concrete and Heavy Construction Assets

The project involved a combined sale of assets from various concrete supplier companies located in Southern California and Texas, with one of the companies closing its El Paso location due to bankruptcy. Our team was tasked with collaborating with the Chapter 7 Trustee to facilitate the sale of assets for a fee. The scope of the liquidation encompassed volumetric concrete trucks and heavy construction equipment, including wheel loaders, excavators, backhoes, skid steers, compactors, telehandlers, brooms, trucks, and other equipment used in asphalt and concrete production.

Challenges

Many of the assets were encumbered by lien claims, requiring diligent efforts to collaborate with more than 16 secured lenders to successfully sell the assets. Each lien claim necessitated proper documentation to ensure a smooth transaction process. Additionally, the urgency of the bankruptcy situation demanded swift and decisive action.

Solutions

Our teams leveraged knowledge of the bankruptcy process to resolve the liens and negotiate settlements with secured lenders. Clear communication channels were established to ensure all stakeholders, including Chapter 7 Trustee, secured lenders, and prospective buyers, were informed and involved in decision-making processes. Given the dispersed nature of the assets, our team devised a comprehensive logistics strategy to marshal the equipment to a designated location ensuring timely arrival of assets and seamless setup for the auction.

Auction Event

Despite the formidable challenges encountered, the project culminated in a successful live auction event, with all assets effectively liquidated. This project underscores our ability to effectively navigate complex liquidations, such as those associated with a bankruptcy process and deliver optimal outcomes for our clients.