New Chapter 11 Filing - United Road Towing Inc.

United Road Towing Inc.

  • 2/6/17 Recap: These bada$$ strapping towing lads fought the law and the law won. Meaning: a $5mm judgment was rendered against the Illinois-based company for purportedly charging excessive fees and now the company has less money, mo' problems. The company filed chapter 11 to obtain cover under the automatic stay (and avoid enforcement of the judgment) and sell the company. No stalking horse bidder, however, is in tow (see what we did there?). First lien lender Wells Fargo is providing a $32.25mm DIP to fund the case.  
  • Jurisdiction: D. of Delaware
  • Capital Structure: $32.3mm first lien credit facility ($13.8mm out - Wells Fargo) & $17mm second lien credit facility ($19.4 claim - Medley Capital)    
  • Company Professionals:
    • Legal: Winston & Strawn LLP (Daniel McGuire, Grace D'Arcy, Carrie Hardman) & (local) Young Conaway Stargatt & Taylor LLP (M. Blake Cleary, Ryan Bartley, Andrew Magaziner)
    • Financial Advisor: Getzler Henrich & Associates LLC
    • Investment Banker: SSG Advisors LLC
    • Claims Agent: Rust Consulting/Omni Bankruptcy LLC (*click on company name for docket)
  • Other Parties in Interest:
    • ABL/DIP Agent: Wells Fargo NA
      • Legal: Riemer & Brownstein LLP (Steven Fox) & (local) Ashby & Geddes (Gregory Taylor)
    • Medley Capital Corporation
      • Legal: Greenberg Traurig LLP (Maria DiConza, Dennis Meloro)
    • Official Committee of Unsecured Creditors
      • Legal: Pachulski Stang Ziehl & Jones LLP
      • Financial Advisor: Gavin/Solmonese LLC

Updated 2/16/17