April 23, 2008
The receivership assets of Wills Trucking, Inc. are sold
The receivership assets of Wills Trucking, Inc. are sold 4/23/2008
Wills Trucking, which was founded in 1951 and which sales had peaked at $40 million, is a hauler of bulk commodities and waste materials. The company was informed in late 2006 that it had lost a contract comprising 25% of its revenues, but it was unable to adequately replace the lost business. Ultimately, the company agreed to be placed in a receivership. During the course of this case, Inglewood:
- Oversaw the day-to-day operation of the business;
- Coordinated the due diligence process with the ultimate buyer;
- Dealt with numerous secured and unsecured creditors;
- Prepared an analysis for the Court demonstrating how the transaction was in the best interest of all stakeholders; and
- Assisted with the sale of the operating assets of the business.
- Separate from the receivership, Inglewood was asked to assist with the sale of a related real estate entity, the transaction for which had languished for several months. Inglewood was able to close the sale within four days of its initial involvement.