May 27, 2018 8:20 PM ET

Road and Rail

Company Overview of National Truck Funding, LLC

Company Overview

National Truck Funding, LLC retails and rents trucks. The company was founded in 2011 and is headquartered in Gulfport, Mississippi. National Truck Funding, LLC operates as a subsidiary of American Truck Group. On June 25, 2017, National Truck Funding, LLC, along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Mississippi.

9140 Canal Road

Suite 100

Gulfport, MS 39503

United States

Founded in 2011





Key Executives for National Truck Funding, LLC

Chief Executive Officer
Compensation as of Fiscal Year 2017.

National Truck Funding, LLC Key Developments

First Amended Reorganization Plan Filed by National Truck Funding, LLC

National Truck Funding, LLC, along with its affiliate, filed a first amended joint plan of reorganization in the US Bankruptcy Court on March 21, 2018. As per the amended plan filed, Eva Bank secured claims will be paid as per the amended loan document. The Secured Truck Claims will be paid in cash or surrender of collateral as replacement amount against claims.

Bidding Procedure Approved for National Truck Funding, LLC

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of equity interest on March 6, 2018. The Court approved the asset purchase agreement between the debtor and Power Land, LLC, the stalking horse bidder, for the sale of equity interest. To qualify as a qualified bidder, interested parties should submit their bids by March 11, 2018. If the debtor receives any qualified bids then it would hold an auction for its assets on March 14, 2018. The stalking horse bidder selected by the Debtors will receive bid protections of 4% of the actual cash to be paid on the Effective Date of plan. The stalking horse bidder would be entitled reimbursement expense over and above $0.03 million but not more than $1.5 million.

DIP Financing Approved for National Truck Funding, LLC

The US Bankruptcy Court gave an order to National Truck Funding, LLC to obtain DIP financing on a final basis on February 23, 2018. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $1.5 million from Power Land LLC. The DIP loan would carry an interest rate of 6% p.a., along with an additional 6% p.a. interest in the event of default. The DIP facility would mature either on June 1, 2018 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.25 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.

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