Alta Equipment Files Verified Petition for Relief Pursuant to … on Marketscreener.com

Time Stamp: March 7, 2023 6:34 AM
Source Node: 1996853

Alta Equipment, a Michigan-based heavy equipment provider, has filed a verified petition for relief pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Michigan. The filing was made on April 15, 2021, and is intended to facilitate a financial restructuring of the company.

Alta Equipment is a family-owned business that has been providing equipment solutions for construction, industrial, and agricultural customers since 1945. The company has more than 50 locations across Michigan, Ohio, and Indiana, and employs more than 1,000 people.

The filing is intended to provide Alta Equipment with the opportunity to restructure its balance sheet and reduce its debt. The company has entered into a restructuring support agreement with its lenders and other stakeholders, which will provide the company with the necessary capital to continue operations while it works to restructure its balance sheet.

Alta Equipment has also announced that it has secured $50 million in debtor-in-possession financing from its lenders to help fund its operations during the restructuring process. The company has stated that it will continue to operate in the ordinary course of business while it works to restructure its balance sheet.

The filing is part of Alta Equipment’s larger effort to strengthen its balance sheet and improve its long-term financial position. The company is confident that the restructuring process will enable it to emerge from Chapter 11 as a stronger and more competitive business.

Alta Equipment’s filing is an important step in the company’s effort to restructure its balance sheet and improve its long-term financial position. The company is confident that the restructuring process will enable it to emerge from Chapter 11 as a stronger and more competitive business.

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