Hilco Industrial Awarded Detroit Muni Asset Sale Contract
Hilco Industrial announced that it has been awarded the contract to manage the sale of an extensive list of the City of Detroit’s (COD) surplus transportation, rolling stock and public utility maintenance vehicles.
The Farmington Hills-based firm, along with its Michigan-based joint venture partner, Miedema Asset Management has been awarded the COD contract after a competitive bid process that was held over the last several months. The COD awarded the final contract and signed by the governor on September 2, 2014 pursuant to their official competitive bid process. The contract has a term of three years.
Robert Levy, managing partner of Hilco Industrial said, “We are thrilled to be officially awarded this contract by the City of Detroit. As a locally based firm with vast experience in marketing this particular asset class, we are in a unique position to help the COD market these excess transportation, utility and maintenance assets and get the maximum value for every vehicle we sell. Recently, in 2013, Hilco Industrial successfully sold over 12,000 vehicles for Hostess during its bankruptcy and subsequent restructuring of that iconic brand. Levy indicated that Hilco Industrial has already begun to leverage its expertise and its global network of buyers and sellers as it prepares for a similarly successful outcome in the City of Detroit’s bankruptcy.”
The list of transportation assets being offered come from three primary COD departments: The Detroit Department of Transportation (DDOT), which includes transit buses and fabrication shop assets; The Public Lighting Department (PLD) which includes utility maintenance equipment, including Bucket Trucks, Digger Derricks and Cable Vans and inventory, that are associated with utility repairs; and, The Department of Public Works (DPW), which includes Waste Trucks, Log Loaders, and additional rolling stock.
More information about all of the assets being sold, registration, and the complete catalog can be found at http://www.hilcoind.com.
Hilco Industrial provides industrial asset disposition services, specializing in machinery, equipment and inventory auctions and negotiated sales.
Miedema Asset Management Group consists of seven valuation, consultation, and liquidation companies across North America.
Previously on abfjournal: Barclays Provides $275MM to Support Detroit Bankruptcy Exit, August 29, 2014