Cordes & Company

Commercial printer closes abruptly

A large commercial printer in Minnesota faced a liquidity crisis.  When the company requested funding to meet payroll (not for the first time), the secured lender determined that immediate liquidation of the company’s assets was the best option.  Cordes & Company was named receiver of this company’s assets.  Over three months, we collected nearly $1.3 million in outstanding accounts receivable, sold the printing equipment via direct sales and auctions for more than $600 thousand, and settled many subordinate creditor issues.  At the end of our engagement, a substantial portion of the principal was returned to the secured lender.

California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
Colorado
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
220 South 6th Street
Suite 2125
Minneapolis, MN 55402
Telephone: 612.455.6027
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