Global Asset Rental committee asks court to limit agent’s credit bid

By Caroline Salls

Pittsburgh, Sept. 11 – Global Asset Rental, LLC’s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the Middle District of Florida to limit the ability of secured creditor White Oak Global Advisors, LLC to submit a credit bid for the sale of substantially all of the company’s assets, according to a motion filed Thursday.

The committee said White Oak is Global Asset’s largest secured creditor in its capacity as administrative agent for the lenders under a December 2016 loan agreement.

White Oak claims that it was owed at least $59.3 million under the credit agreement as of Global Asset’s bankruptcy filing date.

According to the motion, a Uniform Commercial Code financing statement White Oak filed with the Secretary of the State of Nevada is not enough to perfect its security interests in inventory located in foreign countries against Global Asset’s bankruptcy estate, “which stands in the shoes of a hypothetical lien creditor.”

As a result, the committee said White Oak’s ability to credit bid for the assets should be limited.

Global is an Orlando, Fla., beer industry asset rental and reverse logistics company. The company filed bankruptcy on July 23 under Chapter 11 case number 20-04126.

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