Sale of Trucker and Out of Court Wind Down of Estate


Annual Sales


in Debt

Tango Transport (Gorman Group), Shreveport Louisiana


Regional long-haul trucker covering 15 states. $200 million revenue. $20 million debt.

  • Company was losing $8 million annually, secured lender was demanding an exit and tractor lessors had started repossessing vehicles
  • Company’s service area was greater than it could cost effectively service
  • Tractor and driver utilization were very poor
  • Tractor maintenance and uptime were serious problems
  • Pricing was inadequate and below market
  • Cost structure was too high
  • Immediate Chapter 11 seemed to be the only option


  • MA hired as CRO
  • Quickly develop turnaround plan to reduce service area, cut fleet size/return leased assets, increase prices, cut costs and refinance out secured lender
  • Develop cash forecast to provide partial payments to lessors to give turnaround plan time to work
  • Get secured lender and major lessors buy-in


  • Secured lender refinanced
  • One-third of leased assets returned
  • Company was sold without need for bankruptcy filing
  • New secured lender was fully paid with significant recovery by unsecured creditors