Mystic Tank Lines files under Chapter 11
Jul 1, 2004 12:00 PM
Mystic Tank Lines Corp has filed for financial reorganization under Chapter 11, Title 11 of the United States Code. Mystic is one of the largest transporters of gasoline, jet fuel, oil, and other petroleum products as well as cement and asphalt in the northeastern United States. With more than 500 employees and independent contractors, Mystic's operational footprint extends from Virginia to Maine.
In conjunction with the filing, Mystic has reached an agreement with its senior secured lender, Wells Fargo Business Credit, to provide debtor-in-possession financing. This financing will provide working capital to the company to permit it to continue its operations without interruption. Mystic is represented by Albert A Ciardi III of Janssen Keenan & Ciardi PC, Philadelphia PA.
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