Courier business that was operating in the south and midwest U.S. was in forbearance with its primary senior secured lender following a covenant default from a decrease in profitability and a deterioration of its liquidity. Company had a successful track record of providing time-sensitive deliveries of critical supplies to FDIC insured banks, pharmaceutical companies, and auto parts businesses, but was experiencing sustained negative cash flow following the loss of several significant customers. A dispute with the U.S. Department of Labor regarding classification of its network of over 1,000 contract, uniformed drivers also contributed to the company’s challenges and future profitability.
$70MM “Last Mile” Courier Business
