Elite Equipment Leasing, LLC

Elite Equipment Leasing is now pursuing a plan-led reorganization built around a smaller operating platform, exit financing, and near-term equipment sales, with a June 2026 auction process serving as both a liquidity event and a debt-reduction mechanism. The case began after the Reliable Crane Service enterprise entered Chapter 11 on September 7, 2025 under pressure from equipment-heavy leverage, rising floating-rate debt costs, integration problems from the Champion Crane acquisition, and delayed construction work, while still carrying a large receivables book and backlog that the debtors said required continued operations to preserve value in the first-day declarationDkt. 12.

At filing, the capital structure was dominated by secured equipment and ABL debt: roughly $23.8 million owed to Commercial Funding Inc., $18.2 million owed to Commercial Credit Group, $3.3 million owed to Celtic Bank, and additional junior or equipment lenders, all against a crane and heavy-equipment fleet that was central to the operating business. The debtors sought authority to use cash collateral and access a $26 million CFI DIP facility, including about $2.2 million of incremental liquidity and a roll-up of CFI’s prepetition revolver, arguing that interruption of operations would impair collection of roughly $20.9 million of receivables and jeopardize ongoing project value in the cash collateral and DIP motionDkt. 4.

The current path is a downsized going-concern restructuring rather than a full liquidation. The revised plan would consolidate operations into two California locations, retain roughly a quarter to a third of the equipment fleet, focus on long-term tower-crane projects, fund emergence with cash, asset sales, and $23.2 million of exit financing from CFI and CCG, and create a creditors’ trust funded by initial cash, a plan note, excess-cash sharing, future sale proceeds, and avoidance-action proceeds for general unsecured creditors under the and .