Duratek Precast Technologies, Inc.
A precast concrete company operating in Chapter 11 for 4 months when Equity Partners was retained.
The business had seen revenues decline drastically over the past 3 years and with no plans to exit bankruptcy, the secured creditors were pushing for a liquidation.
The secured creditors agreed to give Equity Partners 60 days to obtain alternative options to a liquidation. Equity Partners quickly generated over 65 interested prospects and 2 going concern bidders.
After a lively auction, the business was sold, far exceeding any liquidation estimates, to a buyer familiar with the company. The sale was approved and operations continued with minimal disruption.