TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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June 17, 2021
Source: PR Newswire
Actions to strengthen balance sheet, safeguard future should have no impact on customers or operations
U-Haul Co. of West Virginia (the "Company") today announced it has filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of West Virginia. The Company serves do-it-yourself moving and self-storage customers in West Virginia and small parts of Kentucky, Virginia and Ohio. The Company, which was incorporated in West Virginia in 1970 and has operated continuously in the state for the last 52 years, has faced numerous challenges in recent years including management turnover, a lack of sufficient self-storage locations, and burdensome litigation costs resulting in declining cash flow and liquidity.
The Company plans to continue business without interruption, and U-Haul customers are not expected to be impacted by this action. The Company has filed motions with the Bankruptcy Court seeking to continue operations in the ordinary course, including meeting commitments to customers, paying Team Members and continuing existing employee benefit programs. Twelve Company-operated stores and 123 independent U-Haul dealers in West Virginia will continue to offer affordable and accessible mobility to U-Haul customers.
The Chapter 11 filing and anticipated restructuring transaction are the final steps in the Company's internal restructuring that began in 2020 with a renewed commitment to expanding Company locations in West Virginia, and the appointment of Mark Arnold as president to lead the Company into the future. Earlier attempts to implement a business and financial reorganization were interrupted by the unprecedented COVID-19 global pandemic that hit early in 2020.
"This is a sad day for a very proud company," Arnold stated. "This appears on balance to be the best way to continue to serve the needs of moving customers and to see that suppliers and Team Members get paid."
The Company and U-Haul International, Inc. ("UHI") are negotiating the terms of a plan of reorganization that is expected to include a substantial "new value" capital infusion by UHI. It is hoped the Federal Bankruptcy Court can quickly hear and resolve this matter.
About U-Haul Co. of West Virginia
Since 1970, UHWV has been meeting the moving needs of DIY customers in the Mountain State. With its marketing company office based in Saint Albans, UHWV employs approximately 150 Team Members and maintains affiliations with more than 100 small businesses serving their West Virginia communities as U-Haul neighborhood dealers. UHWV operates at 12 Company-owned and -operated facilities across the state, 10 of which offer the public self-storage options.
Contact:
Sebastien Reyes
E-mail: publicrelations@uhaul.com
Phone: 602-760-4941
Website: uhaul.com
