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Jobs Saved Through Auction and Section 363 Sale of Assets in In re TMT, Inc., et al. (Bankr. N.D.Oh. 2013)

April, 2014

Leon Mayer recently guided a group of four related companies based in Northern Ohio in the shipping, warehousing, transportation, packaging and logistics industry through a Chapter 11 reorganization in Toledo, Ohio.  Led by Mr. Mayer, the firm filed an emergency voluntary chapter 11 bankruptcy for all four companies, preventing appointment of a receiver and keeping its principal in charge of operations.  Mr. Mayer filed numerous motions and obtained the Bankruptcy Court’s approval for the companies to:  (i) use their cash collateral, (ii) borrow additional funds by factoring accounts receivable, providing them with sufficient cash flow to continue operating, and (iii) permit a §363 sale of all assets.  The Debtors advertised and held a well-attended auction during which two different buyers purchased the companies’ operating assets and real estate.  As a result, the operations continued and many jobs were saved.  In addition, as part of the cash collateral order, Mr. Mayer arranged for sufficient funds to be carved out of the secured lender’s collateral to pay the companies’ unpaid federal and state payroll trust fund taxes, for which the principal was personally liable.  The Bankruptcy Court confirmed a plan of reorganization for the companies sponsored by the Unsecured Creditors Committee in April, 2014.