On October 8th, 2020, Alta Equipment Group Inc. (“Alta”) submitted a verified petition for relief pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Alta is a leading equipment rental, sales, and service provider in the Midwest and Northeast United States.
Alta’s petition for relief is an attempt to restructure its debt and operations in order to continue providing its customers with quality service and products. The company has been struggling financially due to the economic downturn caused by the COVID-19 pandemic. Alta’s petition for relief will allow it to reorganize its finances and operations in order to remain viable and competitive in the current market.
The company has already secured a commitment for $30 million in debtor-in-possession financing from certain of its existing lenders. This financing will provide Alta with the necessary liquidity to continue its operations during the bankruptcy process. Alta has also entered into an agreement with certain of its creditors to reduce its debt by approximately $200 million.
Alta’s management team is confident that this restructuring process will enable the company to emerge from bankruptcy as a stronger and more competitive organization. The company is committed to continuing to provide its customers with quality products and services during this process.
Alta’s petition for relief is an important step in the company’s efforts to restructure its finances and operations in order to remain viable and competitive in the current market. The company is confident that this restructuring process will enable it to emerge from bankruptcy as a stronger and more competitive organization.
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