Livingstone is pleased to announce the successful sale of substantially all assets of RAS Data Services (“RAS”), a leading provider of railcar management services to AllTranstek, LLC (“AllTranstek”). Livingstone served as the exclusive investment banker to RAS. The Transaction marks Livingstone’s fifth Chapter 11 sale in the last twelve months.
RAS is a leading provider of railcar support services across fleet operations, repair coordination, billing and audit, vendor engagement, and regulatory reporting. Despite operating a fundamentally profitable business, RAS encountered a liquidity crisis arising from alleged unauthorized diversion of company funds, leading the company to seek Chapter 11 protection to stabilize operations and execute a going-concern sale.
In August 2025, RAS filed voluntary petitions for relief under Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Illinois Eastern Division. Livingstone conducted an expedited sale process culminating in a Section 363 auction with AllTranstek as the prevailing bidder. This sale provided a seamless transition for RAS’s customers, while preserving jobs and RAS’s core operations.
AllTranstek is a rail industry leader in railcar fleet management and tank car technical expertise. The company manages over 500,000 railcars for some of North America’s largest rail-equipment owners and operators and provides integrated solutions spanning inspection, engineering, regulatory compliance, and data services.
“This was a complex, unusual, and time-sensitive situation, and we are proud to have delivered a solution that protected RAS’s customers, employees, and franchise,” said Joe Greenwood, Partner and Head of Livingstone’s Special Situations Group. “AllTranstek brings scale, operational depth, and financial stability that positions the business for long-term success.”
The RAS transaction marks Livingstone’s fourth successful rail transaction since September 2024, following the sale of Parsec to Universal Logistics Holdings, the merger of AllTranstek and Bourque Logistics and the sale of Rescar’s mobile repair operations to PSC Group.
Livingstone’s Special Situations Group remained highly active in 2025, successfully closing nine transactions across a range of restructuring and distressed M&A situations. The team has demonstrated a proven ability to deliver successful outcomes helping companies, lenders, and stakeholders navigate complex situations and maximize value across a variety of transaction structures including Chapter 11, UCC Article 9, state and federal receiverships, and out-of-court sales.
