Car Wash & Convenience Store

Receiver & Property Manager to Car Wash & Convenience Store

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  • Case Name

    -

  • Court

    Superior Court of Mohave County

  • Engagement Type

    Receivership

Full-service car wash and convenience store in Fort Mohave, Arizona

Situation

Resolute acted as Receiver to oversee management, cash controls, and brokerage. Borrower defaulted on a bank loan and Resolute was appointed Receiver because of its experience and expertise in the industry.

 

Strategy

Receiver evaluated several economic alternatives and determined that a sale of the operating business, together with its special purpose property and equipment, would bring maximum value to all parties; accordingly, the Receiver instituted a cash collateral oversight plan to protect assets and assist in managing the business while it was being marketed.

 

Solution

Within four months of being appointed as Receiver, the business was sold with the consent of all parties.