IRVINE, Calif.--(BUSINESS WIRE)--The Orange County office of GlassRatner Advisory & Capital Group, LLC, one of the largest restructuring and advisory firms in the US, announced the completion of the sale of two Land Rover and Jaguar dealerships. The sale of the assets of Land Rover Jaguar Anaheim Hills and Land Rover Jaguar Cerritos, conducted via two separate §363 auctions in bankruptcy court, resulted in goodwill consideration of approximately $9 million for the Debtors. The buyers were two large West Coast chain operators. The GlassRatner team included Principal J. Michael Issa, Principal Kerry Krisher, and Patrick Lacy, all located in the Irvine office.
According to Marty Bill, the lead partner at Levene, Neale, Bender, Yoo & Brill LLP, Debtors’ counsel in the case, “The dealerships were embroiled in significant litigation with the factory which precipitated the Chapter 11 filings. Mike Issa and his team were able to quickly step in, conduct a significant sales process, attract multiple interested and qualified buyers, drive spirited bidding and achieve very attractive sales prices. Mr. Issa’s intimate industry knowledge and extensive bankruptcy experience were an integral part of the result achieved in these cases.”
Ernest Townsend, shareholder of the debtors Townsend Corporation and LRJC, Inc. said, “We were in great hands with GlassRatner. Mike Issa is one of the country’s foremost institutional-grade authorities on automotive matters and has been involved in dozens of completed automotive transactions, both in and out of bankruptcy. His experience was critical to the sale.”
Phillip Ashman, long-time legal counsel to the Debtor said, “GlassRatner did an amazing job on this very complicated and contentious case. The results of their efforts considerably exceeded our expectations. Mr. Issa is perhaps the preeminent adviser to the franchised auto industry in the US and it certainly showed on this case.”
Mr. Issa and his GlassRatner team are experienced in domestic and import franchise transactions and have represented both buyers and sellers. Mr. Issa has served as a Chapter 11 Trustee and court appointed receiver and both he and Ms. Krisher have extensive experience with transactions in bankruptcy.