United Road Towing secures court approval of $39.99 million asset sale

By Caroline Salls

Pittsburgh, April 13 – United Road Towing, Inc. received court approval to sell substantially all of its assets to Medley Capital Corp. for $39.99 million, according to an order filed Thursday 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.

According to the order, United Road’s name will be changed to Old Towing Co. within three days of the closing of the sale.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.