Client: Arizona Structural Technologies Inc.
Service: Restructuring, Interim Management, Creditor Advisory, Litigation Support
Arizona Structural Technologies Incorporated is a regional leader and value added provider of fabricated special construction projects including bridge structures, overhead tubular sign structures, and other miscellaneous metal structures for larger public works projects.
- Traverse engaged by Sabal Financial to provide pre-receivership planning on site. Traverse was appointed Receiver by Maricopa County Superior Court for the state of Arizona in the case of MIL Acquisitions Venture LP vs. ASTI.
- Following the appointment as Receiver, Traverse recognized the value of the business as a going concern and evaluated the open order book along with the Company pipeline and was given the latitude by the plaintiff to seek a buyer for the business. Traverse managed the business in receivership completing contracts and selectively taking on high margin short term projects maintaining the trained workforce.
- Traverse moved quickly and identified key interested parties. These parties were contacted with several showing interest. The Company was sold as a going concern in an asset sale to JV Driver yielding a significantly higher recovery than the initial evaluation.