United Road Towing receives approval of procedures to sell all assets

New York, March 9 – United Road Towing, Inc. received approval of procedures for the sale of all the company’s assets in an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The assets may be sold individually or in lots and the sale may be structured as the acquisition of the equity of one or more of the debtors in the Chapter 11 case.

Bids are due by 5 p.m. ET on April 6 although the company may extend that deadline in consultation with any official committee, its debtor-in-possession facility lender and Medley Capital Corp., its pre-bankruptcy second-lien lender.

If more than one bid is received for any asset, an auction will be held on April 10 starting at 10 a.m. ET.

A hearing on the sale results is scheduled for April 12.

United Road may designate a stalking horse bidder for one or more assets in consultation with the committees and lenders. The stalking horse must be named by March 31.

United Road is a Mokena, Ill.-based towing, recovery, impound and vehicle management solutions company. The Chapter 11 case number is 17-10249.

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