June 18, 2018 12:16 AM ET

Transportation Infrastructure

Company Overview of E&R Towing and Garage, Inc.

Company Overview

E&R Towing and Garage, Inc. provides towing services to customers in Chicago, Illinois and the surrounding suburbs. The company offers light and medium duty towing; recovery and heavy duty towing; insurance salvage and transport; heavy haul and equipment transport; lockout, tire, and jumpstart; and onsite road and private property parking services. It also sells vehicles through online auctions. The company is based in Markham, Illinois. E&R Towing and Garage, Inc. operates as a subsidiary of United Road Towing, Inc.

16325 South Crawford Avenue

Markham, IL 60428

United States

Phone:

708-333-7300

Fax:

(708) 333-7324

Key Executives for E&R Towing and Garage, Inc.

E&R Towing and Garage, Inc. does not have any Key Executives recorded.

E&R Towing and Garage, Inc. Key Developments

Motion for Asset Sale Approved for United Road Towing, Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of United Road Towing, Inc. on April 13, 2017. The debtor has been authorized to sell substantially all its assets to Medley Capital Corporation, the winning bidder at the auction, for a purchase price of $39.99 million in cash. Transom Towing Holdings, LLC has been designated as back-up bidder with a proposed purchase price of $24.24 million.

Notice of Successful Bid Filed by United Road Towing, Inc.

United Road Towing, Inc. filed a notice of successful bidder for the sale of substantially all its assets in the US Bankruptcy Court on April 11, 2017. As per the notice, at the auction held on April 10, 2017, debtor identified bid of Medley Capital Corporation as successful bidder with proposed purchase price of $39.99 million. Transom Towing Holdings, LLC has been designated as back-up bidder with a proposed purchase price of $24.24 million.

Final DIP Financing Approved for United Road Towing, Inc.

The US Bankruptcy Court gave an order to United Road Towing, Inc. to obtain DIP financing on a final basis on March 8, 2017. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $35.25 million from Wells Fargo Bank, N.A. acting as the administrative agent for itself. The DIP loan would carry an interest rate of LIBOR plus 2.5% p.a., along with an additional 2% p.a. interest in the event of default. Letter of credit fee would be of 2.50% p.a. As per the terms of the DIP agreement, the loan carries an agent fees include closing fee of $100,000 and a monthly collateral monitoring fee of $2,500, unused line fee of 0.375% p.a., fronting fee of 0.25% p.a. The DIP facility would mature either on April 30, 2017 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 $0.08 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of the DIP financing would be used towards advances, interest, fees and expenses, operating and working capital expenses and to fund the prepetition ABL Indemnity Account.

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