March 26, 2010

Inglewood sells the receivership assets of Arrow machine

Arrow Machine is a $15 million revenue manufacturer of screw machine, HydroMat and CNC parts for the automotive and other industries. After the loss of a major customer, the company was unable to adequately cut costs or increase revenues to compensate for the loss of that customer and ultimately agreed to be placed under receivership. In the course of this case, Inglewood:

  • Resolved various pre-existing issues with customers;
  • Researched transactions that took place prior to the receivership;
  • Ran the operations, dealing with several quality control issues;
  • Negotiated the resolution of several machines that were in progress of being built;
  • Sought recovery of assets; 
  • Dealt with numerous secured and unsecured creditors; and
  • Negotiated and closed the sale of the operating assets of the business.