Alta Equipment, a Michigan-based construction and industrial equipment company, recently filed a petition for relief pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Michigan. The filing is intended to facilitate a restructuring of Alta Equipment’s balance sheet and provide the company with the time and resources necessary to restructure its operations and emerge as a stronger and more competitive business.
Alta Equipment has been a leader in the construction and industrial equipment industry since its founding in 1971. The company has grown to become one of the largest providers of construction and industrial equipment in the Midwest, with a presence in Michigan, Ohio, Indiana, Illinois, Wisconsin, and Minnesota. Despite its success, Alta Equipment has faced increasing financial pressures due to the economic downturn caused by the COVID-19 pandemic.
The Chapter 11 filing is intended to provide Alta Equipment with the time and resources necessary to restructure its balance sheet and operations. The filing will allow Alta Equipment to continue operating while it works to reduce its debt and improve its financial position. In addition, the filing will provide Alta Equipment with access to additional financing, which will be used to fund operations during the restructuring process.
Alta Equipment is committed to continuing to serve its customers during this process. The company has stated that it will continue to honor all existing customer contracts and commitments and that it will continue to provide customers with the same quality of service they have come to expect from Alta Equipment.
The Chapter 11 filing is a necessary step for Alta Equipment to ensure its long-term success. The company is confident that it will emerge from this process as a stronger and more competitive business. Alta Equipment is committed to continuing to serve its customers and providing them with the same quality of service they have come to expect from Alta Equipment.
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