Towing Equipment Search:

United Road Towing, Inc. and Affiliates Complete 363 Sale to URT Acquisition Holdings Corporation

May 12th, 2017 | By | Category: Spotlight

On May 2, 2017, pursuant to order of the United States Bankruptcy Court for the District of Delaware, United Road Towing, Inc. and its affiliated debtors (the “Company”) completed the sale of substantially all their assets pursuant to section 363 of the Bankruptcy Code to URT Acquisition Holdings Corporation (“URT Holdings”), as designee of Medley Capital Corporation (“Medley”).

URT Holdings’ bid was ultimately selected as the successful bid—the consideration for the sale to URT Holdings was valued at approximately $39,988,976, comprised of cash, assumed liabilities, and $16,000,000 in the form of an offset against the obligations of the Company to Medley.

Having recently been faced with challenges and the potential for a significant adverse judgment resulting from an unfavorable court ruling, the Company determined to enter the bankruptcy process to restructure its balance sheet to position the Company for the future, securing the continued strength of its financial position and maximize value for its stakeholders. The sale effectuates the necessary changes allowing for the Company’s businesses to deleverage its balance sheet and continue operating under the ownership of URT Holdings, putting the Company in a strong position to continue to serve customers, vendors, and employees.

“I am incredibly grateful for the tireless patience, dedication and commitment of our employees, vendors, and customers in assisting the Company through this sale process, and look forward to continuing these valuable relationships for a long time to come,” said Jerry Corcoran, the Company’s CEO. URT Holdings has retained all the senior management of the Company following the sale, and services to customers have and will continue to remain uninterrupted by the process.

Court filings and other information related to the restructuring proceedings are available at a website administered by the Company’s claims agent, Rust Consulting/Omni Bankruptcy, at

Source: United Road Towing, Inc.