Cordes & Company

Smooth road for tire center shutdown

A Denver tire and wheel operation defaulted on its operating loan to a secured lender. As part of a foreclosure action against the assets, including the underlying real estate, Cordes & Company was appointed receiver. Cordes quickly gathered the information and documentation needed to analyze the entity’s financial and operational challenges. Based on this analysis, Cordes determined that the best way to maximize the asset values and minimize the holding costs was to cease operations. Cordes immediately shut down operations; dealt with employee, customer and vendor problems; resolved inventory issues; and secured the property. Following shutdown, Cordes worked with the parties to market and possibly sell the assets in a packaged deal to potential buyers. Ultimately, the owner transferred the assets to the secured lender as part of a settlement agreement. At this point, Cordes transitioned the property to the secured lender for liquidation.

Colorado
5299 DTC Boulevard
Suite 600
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
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