Hilco Trading Announces Formation of Hilco Receivables
January 18, 2013
The newly formed Hilco Receivables unit by Hilco Trading LLC, a provider of tangible and intangible asset monetization solutions, is purported to offer contingency fee collection and portfolio acquisition solutions to the entire North American and Europe region on non-performing and under-performing commercial debt.
Located in Northbrook, Illinois, a northern Chicago suburb, the unit will have Jay Stone as the CEO. It is also stated to be a BBB Accredited Business and is fully insured and licensed to safeguard clients.
Jeff Hecktman, chairman and CEO of Hilco Trading LLC commented, “We are returning to the receivables business at this time because we uniquely understand the marketplace and the needs of our financial and corporate customers. This is another service for us to help customers maximize the value of any non-performing asset they may have in their portfolio as a natural extension of our overall Hilco offering. Our original receivables business quickly established itself as an industry leader until we sold the company in 2007, and we believe it is an important practice in our overall suite of valuation and monetization services.”
Hilco claimed that its due diligence for evaluating the net realizable value can be broken down by a company’s various business lines and includes an estimate of how long it will take to complete collections, and of the related costs associated with doing so. The new unit should assess net resizable value of a company’s account receivable containing gross collections over the expected life span of the receivables minus the cost associated with collecting the receivables.
Hecktman added that Stone, who is from a seasoned management team from Streamboat Partners, saw the opportunity to deploy large amounts of capital for portfolio acquisitions and his experience and leadership will enable him to repeat his past success.
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Edited by Brooke Neuman