PRESTIGE IMPORTS OF THOMASVILLE, INC. & PRESTIGE MOTORCAR GALLERY, INC.

Case Highlights

• Appointed Trustee of Infiniti dealership in Tallahassee, Florida, and Honda dealership in Thomasville, Georgia
• Closed sale of two operating dealerships as going concerns within 120 days of appointment

Case Narrative

DSI was appointed Chapter 11 Trustee of Prestige Imports of Thomasville, Inc. (“Prestige Honda”) and Prestige Motorcar Gallery, Inc. (“Prestige Infiniti”) after the dealerships filed voluntary petitions to forestall the secured creditor from having a receiver appointed and/or repossessing their collateral.  The operating dealerships were in severe distress, both from an operational and financial position, with minimal cash on hand pursuant to a previously agreed cash collateral order.  The Chapter 11 Trustee, with DSI, negotiated a series of use of cash collateral agreements with the secured creditor which allowed the dealerships to continue to operate and worked to stabilize the operations, handled a myriad of consumer-related issues as vehicles had been sold to consumer but not properly documented, and marketed the dealerships and their respective real estate, resulting in the closing of sale transactions of each dealership and real estate within four months of appointment. The Chapter 11 Trustee prepared a Plan of Liquidation and Disclosure Statement which will result in a distribution to priority and general unsecured creditors.