APSCO TV & Appliance Centers, Inc.
A family owned and operated chain of appliance stores in Pinellas County Florida.
The Company had seen sales drop during the economic downturn and coupled with shareholder disputes, was in a tenuous financial position. This was further exacerbated by additional cash flow pressures created by changes in payment terms by the Company’s lenders and a reduction of available credit. Eventually they were hit with a temporary restraining order from one of their floorplan lenders and were forced to file for bankruptcy protection in the Middle District of Florida in order to pay off certain debts and avoid irreparable harm to the business.
Equity Partners was retained and quickly negotiated a stalking horse offer for the retail showrooms and inventory to pay off substantial portions of the secured debt and provide funds for unsecured creditors as well.
Equity Partners conducted a competitive marketing process and after multiple bids were received, it was determined the stalking horse bid provided for maximum recovery for the estate. This sale of real estate and inventory allowed the Debtor to reorganize, keep their service location and business intact, and continue those operations without interruption.