Financial Advisor to Debtor in Possession in Bankruptcy for a U.S. Postal Service Hauler
Inglewood was engaged as part of the First Day Orders of this 40 year old trucking concern that had filed a voluntary bankruptcy petition. The U.S. Trustee commented that the company was expected to quickly move to Chapter 7. The company had a fairly strong core business, but failed due to inattention to shrinking margins, ongoing labor disputes and the absorption of a failed business venture that the owner's son had started. After assessing the business, Inglewood reorganized the operations, right sized the fleet, reduced costs and implemented cash flow reporting tools. Inglewood helped the company deal with many challenges throughout the bankruptcy including a labor strike and the resulting loss of several contracts. Ultimately, the company received an unanimous affirmative vote on its plan of reorganization and emerged from bankruptcy. Company is now profitable and original bank's term debt has been paid in full.