December 13, 2017

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Construction and Support Equipment Formerly Owned by Phoenix of Tennessee to be Sold at Auction

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BOSTON, Dec. 7, 2017 /PRNewswire/ — Gordon Brothers announced today that it has received bankruptcy court approval to sell certain assets owned by Phoenix of Tennessee, Inc. as part of an alliance with Ritchie Bros. Auctioneers (NYSE and TSX: RBA). Phoenix of Tennessee is a full-service telecommunications construction company that filed bankruptcy in the Middle District of Tennessee in September following a decline in its business. Gordon Brothers and Ritchie Bros. will sell the assets on an agency basis at auction. The assets include pickup trucks, service vehicles and trailers. The auction will take place in Nashville, Tenn. on December 21, 2017. For inquiries or to view the available equipment please visit rbauction.com or contact +1 (615) 453-4549.

About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across four continents.

About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company’s selling channels include: Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing its exclusive IronClad Assurance® equipment condition certification; Marketplacee, an online marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company also offers sector-specific solutions including GovPlanet, TruckPlanet, Kruse Energy Auctioneers, and Cat® auctions, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about the unprecedented choice provided by Ritchie Bros., visit RitchieBros.com.

MEDIA CONTACT
Cal Shusta
Director, Marketing
Gordon Brothers
cscannell@gordonbrothers.com

View original content:http://www.prnewswire.com/news-releases/construction-and-support-equipment-formerly-owned-by-phoenix-of-tennessee-to-be-sold-at-auction-300568542.html

SOURCE Gordon Brothers

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