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Paladin Management handles the Chapter 11 filing of Denver’s Fluid Truck, which plans to use the proceeding to implement an orderly sale of its business to Kingbee Vans.
Launched in 2016, Fluid rents commercial trucks to clients ranging from small businesses to large retailers, enabling them to avoid the hassle and costs of vehicle ownership.
High inflation, delays in payment of insurance claims, and the downturn in the used vehicle markets hit Fluid’s business model.
The company also ousted its co-founders James Eberhard and Jenifer Snyder, and cut 30 percent of its staff two months ago.
Scott Avila, interim CEO and chief restructuring officer of Fluid, said the Chapter 11 filing and sale to Kingbee “not only secures the continuity of operations but also expands our customer offerings with a more comprehensive range of vehicle rental solutions.”
Paladin’s Liz Gonzalez handles the media for Fluid.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
