Major bank leasing company requires post-bankruptcy sale of the assets of a heavy truck plant

SITUATION

A large bank leasing company had a heavy truck manufacturing plant declare bankruptcy and had to sell off the assets in a commercially reasonable sale.

SOLUTION

Alta remarketing met first with remaining plant officials to tour the facility, noting deficiencies and problem areas and providing an estimate of final total sale price. They identified an environmental problem in sludge from a plating area and hired state and federally approved (EPA) cleanup crews to transport and dispose of the waste. Alta then prepared a catalog for ‘closed bid sale’ and advertised for a two-week period in four major newspapers, plus trade publications and mailing lists. The sale was a success. Total proceeds were within two percent of the original estimate