Wabash said the sale would have helped the struggling manufacturer generate some much-needed cash. Wabash had hoped to use the proceeds from that sale to reduce its debt by $150 million to $175 million this year.

CFO Mark Holden said Lafayette, IN-based Wabash would continue, however, to seek a buyer for those portions of its business.

"We had anticipated using the proceeds from the successful completion of the divestiture of our rental and leasing operation to reduce debt," he said.

Holden added that Wabash sought to use any cash generated from the sale to get its lenders to amend the company's credit facilities and help waive several financial covenants. However, he stressed that Wabash "will not dispose of businesses or assets below what we believe their value is to the company."