Pacific Cargo Services, LLC
This 12 year old Portland, Oregon based comprehensive provider of “best in class” same-day and next day freight, courier and logistics services for companies throughout Oregon, Washington, Idaho, Utah, and Northern California was operating in bankruptcy.
The secured creditor ceased advancing funds on the company’s line of credit, and without a buyer or infusion of capital quickly, the company would have to cease operations with shipments stranded on delivery vehicles and warehouses spread throughout five states.
Equity Partners quickly identified 56 interested prospects, with 10 separate groups conducting advanced diligence with company management. Ultimately offers were received from 5 separate groups.
An auction was held, resulting in a sale of the business to Postal Express, Inc. that allowed the business to continue to operate without a single day of interruption for clients or employees. Rolling stock that was not essential to ongoing operations was sold to Hilco Industrial LLC. The secured creditor was able to collect the accounts receivable.