Elite Equipment Leasing and its affiliates have a confirmed joint Chapter 11 plan but have not yet established that the plan has become effective. The court entered the confirmation orderDkt. 598 on July 13, 2026, approving the amended plan as supplemented and modified at the confirmation hearing; emergence remains conditioned on the confirmation order becoming final, closing the contemplated exit financing, and dismissal of the committee challenge.
The crane-rental and construction-services enterprise filed on September 7, 2025 after debt service outpaced cash generation. Its first-day declarationDkt. 13 attributes the liquidity strain to escalating payments on a 2020 tower-crane acquisition, integration problems following the 2021 Champion Crane purchase, and floating-rate, short-amortization equipment debt that was poorly matched to the assets’ useful lives. The debtors entered Chapter 11 with approximately $48.6 million of secured debt, led by a $23.8 million CFI revolver and $18.2 million of CCG equipment financing, while maintaining an $80 million-plus project backlog. Their stated strategy was to preserve operating cash flow, sell or surrender underutilized equipment, and extend or refinance secured obligations.
At filing, the debtors sought a DIP financing and cash-collateral motionDkt. 4 for a $26 million CFI revolving facility, comprising roughly $2.2 million of new liquidity and a roll-up of about $23.8 million of prepetition CFI debt. That financing supported continued operations and collection of receivables while the debtors pursued asset dispositions and a balance-sheet restructuring. The confirmed plan now provides the path out of Chapter 11 through approximately $23.2 million of exit financing from CFI and CCG, an additional $500,000 note, negotiated secured-claim resolutions, and $900,000 of funding for a creditors’ trust. Until the effective-date conditions are satisfied and an effective-date notice is filed, the case remains in the post-confirmation, pre-emergence stage.
