Financial Advisor to the Receiver for Equipment Auctioneer
Inglewood was proposed as the receiver for this distressed equipment dealer/auctioneer and was accepted by the company based on Inglewood's reputation. The company was a family business that was challenged by legacy costs and the collapse of the used equipment market in 2008. Inglewood was instrumental in breaking the company into four divisions. Inglewood proposed the sale of each division to its respective division managers and worked with the company's banks to approve to plan. Expense reductions put in place in conjunction with the sale reduced the business' monthly overhead from approximately $300 thousand per month to under $100 thousand per month. Upon filing the motion for the receivership with the court, the judge appointed another individual as receiver. Within one week of appointment, the new receiver gained enough appreciation for the work performed to date to engage Inglewood to complete the sales transactions. The sales closed on the schedule required by the receiver and banks. Since the sale, the new companies have generated positive cash flow and have begun making payments to the lenders.