The Company

Struthers Industries

A Mississippi-based fabricator of feedwater heaters, fired heaters, and other large cylinders had been in Chapter 11 for an extended period of time.

The Challenge

The company had been in Chapter 11 for several years. As a result, sales had deteriorated substantially, many employees had left the company, and its two plants were barely operating. A conversion to Chapter 7 was imminent when Equity Partners was retained.

The Process

Equity Partners negotiated with the creditors and was given a strict deadline of ninety days to sell the assets. Equity Partners ran an extensive marketing campaign and quickly generated multiple offers for the business as a going concern and on various groupings of assets.

The Solution

There was a very lively court auction with the intellectual property selling for a seven figure value, ensuring that the estate received going concern value. Additional bidding also led to the sale of the machinery and equipment, multiple pieces of real property, and the sale of the receivables. All sales were approved by the court and closed in over the next ten days.