Full-service car wash and convenience store in Fort Mohave, Arizona
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.
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.
Within four months of being appointed as Receiver, the business was sold with the consent of all parties.