United Road Towing: Medley Capital submits $39.99 million winning bid

By Caroline Salls

Pittsburgh, April 11 – United Road Towing, Inc. announced Tuesday that it has selected Medley Capital Corp. as the winning bidder for substantially all of its assets, with a final offer of $39.99 million, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

Medley’s bid is comprised of cash, assumed liabilities and a credit bid of $16 million of second-lien debt.

Transom Towing Holdings, LLC’s $24.24 million bid will serve as the back-up bid.

The sale hearing is scheduled for April 12.

United Road is a Mokena, Ill.-based towing, recovery, impound and vehicle management solutions company. The Chapter 11 case number is 17-10249. It filed for bankruptcy on Feb. 6.

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