Major bank must sell poorly situated dredge

SITUATION

A major bank leasing company must sell a cutter dredge returned one year earlier, located in central Alaska.

SOLUTION

Alta conducted an inspection of the dredge and suggested that it be relocated to Washington state. The dredge was advertised for sale in trade journals and online. Potential buyers inspected the dredge but offers received were too low. Alta recommended the bank provide financing to creditworthy purchasers. Within one month, Alta found a buyer and the sale closed.