Schafer and Weiner Sells Flagging Truck Body Business in Article 9 Transaction
December, 2016
John Stockdale, Jr. assisted an aluminum truck-body manufacturer with analyzing various insolvency-related exit strategies. When management identified a purchaser, John worked with lender’s counsel and purchaser’s counsel to structure a transaction that could be closed quickly while minimizing the purchaser’s exposure as a successor. As a result, the business was sold to the purchaser in a sale under Article 9 of the Uniform Commercial Code, whereby a debtor’s assets are surrendered to the lender, who then sells them to the purchaser. Since the sale, the business has dissolved under state law.