NORTHBROOK, IL - HILCO Trading LLC announced it has formed Hilco Receivables LLC, an accounts receivable unit that will be headed up by Jay Stone as CEO.

The company will provide contingency fee collection services and portfolio acquisitions in North America and Europe on non-performing and under-performing commercial debt. It will also purchase charged-off consumer debt such as credit card receivables, student loans, health care receivables and installment loans. Hilco Receivables has a relationship with the American Collectors Association and is a BBB Accredited Business, fully licensed and insured to protect clients. “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,” Jeff Hecktman, Chairman and CEO of Hilco Trading, says in a press release. Before it was sold in 2007, the original Hilco Receivables had acquired nearly $4 billion face value of debt, made capital investments exceeding $225 million and monetized more than $229 million of debt through contingency fee collection work. Hecktman hired Stone to serve as the new CEO of the unit, recognizing the enormous up-side of re-launching the practice with the right management team and strategy. Stone had spent nearly six years building his own successful accounts receivables organization called Steamboat Partners LLC. “I'm thrilled to return to Hilco" Stone says. "Together we bring the best practices and entrepreneurial drive with the financial strength and global resources of today's Hilco organization.” Joining Stone from Steamboat Partners is Buddy Beaman and Bill Schmeiderer along with a team of experienced commercial collectors. Beaman, EVP/COO, had served as a VP for Bear Stearns (eCast) and First USA/Bank One. Schmeiderer, SVP Operations, had been Director of the Commercial A/R Division of Apex Financial Management and has worked with DeVry Inc. and Household International (now HSBC). Hilco Trading is a closely held, diversified financial and operational services firm.