Resurgence Financial Services, LLC has been engaged as Trustee to K&L Trailers Sales and Leasing, Inc. ("Sales") and K&L Trailer Leasing, Inc. ("Leasing" and collectively the "Companies") in connection with the Chapler 11 filing of both entities on June 29th, 2020. The Trustee is seeking to sell all or substantially all assets of Sales and Leasing to one or more buyers pursuant to Section 363 of the Bankruptcy Code (the "363 Sale"). The 363 Sale allows a buyer to purchase the assets of Sales and/or Leasing free and clear of all liens, claims and encumberances.
Potential Buyers may contact the Trustee at Murphey@RFSLimited.com to request a Non-Disclosure Agreement. Buyers will be required to provide proof to the Trustee that they have the financial capacity to consumate the sale. Furthermore, buyers will be required to place and escrow deposit to either (a) be the initial bidder (a/k/a the "Stalking Horse Bidder") or a subsequent or alternative bidder should more than one potential buyer seek to acquire the assets of either Sales or Leasing or both.
The Companies, located in Knoxville, Tennessee are a family owned business that has been operating for over 20 years specializing in the sale, service and leasing of a wide variety of trailers in the transportation industry.
As of the end of July 2020, monthly lease income was approximately $225,000. Trailers out on lease to customers consisted of the following:
# of Trailers Estimated Retail Value Remaining Lease Pmts
468 $3,526,850 $4,629,027
The Companies continue to lease trailers through the Chapter 11 process and a revised list of leased trailers and lease terms will be provided to potential purchasers.
Trailers for Sale
As of the end of July 2020, the Companies had 375 trailers for sale with an estimated retail value of $7,299,045. The Companies continue to sell trailers during the Chapter 11 process and a revise list of trailers available for sale will be provided to potential purchasers.
Parties interested in pursuing the acquisition of all or substantially all of the assets of Sales and/or Leasing may contact Gary Murphey at the email address below requesting a non-disclosure agreement.
Resurgence Financial Services, LLC
3330 Cumberland Blvd., Suite 500
Atlanta, GA 30339
Phone: (770) 933-6855