Alta Equipment Files Petition for Relief Pursuant to Section 1145 of the Bankruptcy Code

On April 20th, 2020, Alta Equipment, a Michigan-based construction and industrial equipment provider, filed a petition for relief pursuant to Section 1145 of the Bankruptcy Code. This filing marks the latest development in the company’s ongoing financial struggles, which have been exacerbated by the COVID-19 pandemic.

Alta Equipment has been in business since 1976 and is one of the largest providers of construction and industrial equipment in the Midwest. The company has over 50 locations throughout Michigan, Ohio, and Indiana, and employs over 1,000 people.

The petition for relief was filed in the U.S. Bankruptcy Court for the Eastern District of Michigan. According to the filing, Alta Equipment is seeking to reorganize its finances and restructure its debt in order to remain viable and continue operations.

Section 1145 of the Bankruptcy Code allows companies to file for relief from creditors in order to reorganize their finances and restructure their debt. This type of filing is often used by companies that are facing financial difficulties but are not necessarily insolvent.

Alta Equipment has stated that it intends to continue operating while it restructures its finances. The company has also stated that it is working with its creditors to reach an agreement that will allow it to remain viable and continue providing services to its customers.

The filing of a petition for relief pursuant to Section 1145 of the Bankruptcy Code is just the latest development in Alta Equipment’s ongoing financial struggles. The company has been struggling for some time due to a combination of factors, including increased competition and a decrease in demand for its services. The COVID-19 pandemic has only exacerbated these issues, making it even more difficult for Alta Equipment to remain viable.

It remains to be seen how this filing will affect Alta Equipment’s future. The company is hoping that the filing will allow it to reorganize its finances and restructure its debt in order to remain viable and continue providing services to its customers. Only time will tell if this filing will be successful or if Alta Equipment will be forced to close its doors.

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