Equipment for sale on ProSource Machinery’s website. (Screenshot)
A heavy machinery dealer with operations in Commerce City has filed for Chapter 11 bankruptcy.
ProSource Machinery said in its Feb. 28 filing that it owes $15.77 million. The firm listed assets of $9.37 million. The Chapter 11 bankruptcy process allows companies to restructure and continue operating.
ProSource, which according to its website both rents and sells equipment, operates locally at 4365 E. 74th Ave. in Commerce City. It leases that property.
The firm also sells and rents equipment in Billings, Montana, and listed that city of 120,000 as its headquarters in the paperwork. But it filed for bankruptcy in Colorado and said the Commerce City operation represents its “location of principal assets.”
Derek Dicks signed the bankruptcy paperwork, listing his title as CEO and managing member. He declined to comment.
ProSource had revenue of $11.35 million in 2023 and $10 million in 2024, according to the filings. In the first two months of this year, the firm brought in $1.1 million.
Individual vehicles and machinery totaling $8.3 million make up the bulk of ProSource’s assets, according to the filings. Many of them are subject to a lien.
The top creditor with an unsecured claim is the U.S. Small Business Administration, owed $2 million. Other major unsecured creditors include Montana’s First Interstate Bank (owed $396,000, not including claims secured by pieces of machinery) and Chase (owed $147,000).
ProSource has been ordered to pay a total of $480,000 in connection with two civil lawsuits filed in recent years, according to the filings. Two more lawsuits against the company are pending, in Montana and Arizona.
Attorney David Warner of Wadsworth Garber Warner Conrardy is representing the company in bankruptcy court.
Equipment for sale on ProSource Machinery’s website. (Screenshot)
A heavy machinery dealer with operations in Commerce City has filed for Chapter 11 bankruptcy.
ProSource Machinery said in its Feb. 28 filing that it owes $15.77 million. The firm listed assets of $9.37 million. The Chapter 11 bankruptcy process allows companies to restructure and continue operating.
ProSource, which according to its website both rents and sells equipment, operates locally at 4365 E. 74th Ave. in Commerce City. It leases that property.
The firm also sells and rents equipment in Billings, Montana, and listed that city of 120,000 as its headquarters in the paperwork. But it filed for bankruptcy in Colorado and said the Commerce City operation represents its “location of principal assets.”
Derek Dicks signed the bankruptcy paperwork, listing his title as CEO and managing member. He declined to comment.
ProSource had revenue of $11.35 million in 2023 and $10 million in 2024, according to the filings. In the first two months of this year, the firm brought in $1.1 million.
Individual vehicles and machinery totaling $8.3 million make up the bulk of ProSource’s assets, according to the filings. Many of them are subject to a lien.
The top creditor with an unsecured claim is the U.S. Small Business Administration, owed $2 million. Other major unsecured creditors include Montana’s First Interstate Bank (owed $396,000, not including claims secured by pieces of machinery) and Chase (owed $147,000).
ProSource has been ordered to pay a total of $480,000 in connection with two civil lawsuits filed in recent years, according to the filings. Two more lawsuits against the company are pending, in Montana and Arizona.
Attorney David Warner of Wadsworth Garber Warner Conrardy is representing the company in bankruptcy court.
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