United Road Towing Auction Results In $40M Winning Bid

Law360, Wilmington (April 12, 2017, 6:55 PM EDT) -- Bankrupt roadside assistance company United Road Towing Inc. received court approval Wednesday in Delaware for a sale of its assets to a prepetition lender that will provide about $40 million in consideration for the transaction.

During a hearing in Wilmington, attorneys for the debtor said that although it never chose a stalking horse bidder ahead of its auction earlier this week, two bidders made similar offers for the company's assets. After consulting with its post-petition lenders and unsecured creditors, the company determined that the offer made by prepetition lender Medley Capital Corp. was the best offer.

"After deliberation and consultation, the...

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