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Helical Pile Solutions, Ltd Purchases the Assets of (Bankrupt) Helical Pier Systems
by Bill Bonekemper
February, 2020
Last month HPW reported on the bankruptcy of the Canadian-based helical pile manufacturing company Helical Pier Systems. The court order for placing the company into receivership was dated January 7, 2020. The court appointed Receiver-Manager was PricewaterhouseCoopers, Inc.
Assets Purchased & “New Company” is in Business in Fifteen Days
Not that this author has any first hand experience with bankruptcies or bankruptcy law, but it is very impressive that, in this particular case, the sale of tens of millions of dollars in equipment, inventory and other assets can be negotiated and completed in such a short period of time. The court ordered approval of the sale was executed on January 22, 2020. As is usually the case with proceedings like this, there is no public record of the price paid for the assets, but pennies on the dollar is the norm.
Same Location - Many of the Same Personnel - a Fresh Start
Aside from the financial hit the unsecured creditors took and possibly some of the secured creditors as well, the “new company” may have a different owner, but it is nearly business as usual for many of the old HPS employees. One of those employees, General Manager, Red Schuhmann, said “it’s almost as if we didn’t miss a beat, and we’re doing business with the same customers on the same large projects as before”.
The owner and President of the new HPS is Alex Budzinski.
Click Here to Read Bankruptcy Documentation on PwC Website
