Air Pros Solutions LLC, which operates a portfolio of HVAC, electrical and plumbing businesses across the U.S., announced that it has entered into six separate asset purchase agreements to sell all of its businesses as going concerns.
To facilitate the sales in an orderly and efficient manner, Air Pros has commenced voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Georgia. The sales will be conducted pursuant to section 363 of the U.S. Bankruptcy Code.
The company and its business units remain focused on continuing to serve customers, work with partners and support employees on an uninterrupted basis, they said. All of Air Pros’ business units will continue to operate as usual during the sales process and will be sold as a going concern.
“After conducting an extensive review of its strategic alternatives, the company determined that these transactions represent the best path forward and are in the best interests of all customers, employees, and other stakeholder,” Andrew Hede, Air Pros’ chief restructuring officer. “As we move through the sales process, our Number One priority remains the continued provision of reliable and comprehensive HVAC, electrical and plumbing services to our valued and longstanding customer base. Each of our business units will continue to operate as usual during this process and will be sold as a going concern.”
As part of the sales process, the proposed purchasers will serve as “stalking horse” bidders in a court-supervised auction process. These proposed transactions are subject to higher or otherwise better bids, Bankruptcy Court approval and other conditions.
In connection with the court-supervised process, Air Pros has secured a commitment for $20 million of new financing from its current lender.
