The parent company of HVAC giant Air Pros has filed for Chapter 11 bankruptcy. It’s looking to sell assets while dealing with massive debt and struggling business units.
AFH Air Pros LLC and 19 affiliates filed in the U.S. Bankruptcy Court for the Northern District of Georgia. The filing lists assets and liabilities between $100 million and $500 million. The company owes over $250 million from a 2022 credit facility and $45 million in general unsecured debt.
Its largest unsecured creditors include C.M. Heating Inc., owed over $6.1 million. Despedida Holdings is owed more than $3.7 million. C&P Hansen Heating and Cooling is owed over $2.6 million.
The company is asking for up to $20 million in debtor-in-possession financing. That includes $10 million in fresh funds and another $10 million to roll up prepetition debt.
Air Pros plans to file a motion to set bidding procedures. It expects to secure a stalking-horse bidder for its assets in the coming days.
Founded in 2017 in Fort Lauderdale, Fla., Air Pros grew rapidly. It expanded across eight states and now employs 700 workers. The company runs 600 vehicles and has served hundreds of thousands of customers.
Air Pros owns several business units across the country. These include One Source Home Service in Colorado, Hansen Super Techs in Alabama, and Doug’s Service Company in Louisiana.
Other brands under Air Pros include Air Force Heating & Air in Georgia, Dallas Plumbing & Air Conditioning, and Dream Team Heating & Air in Louisiana. CM Heating & Cooling in Washington and East Coast Mechanical in Florida are also part of its network.