Comcar Industries, parent company for five operating companies offering national truck transportation and related services, says it plans to sell its various operating companies as it seeks Chapter 11 bankruptcy protection.
As a result of separate agreements, Comcar plans to sell refrigerated carrier MCT Transportation to White Willow Holdings, liquid bulk carrier CTL Transportation to Service Transport and flatbed carrier CT Transportation to PS Logistics. Comcar also entered into a letter of intent for the sale of bulk carrier CCC and CTTS Repair.
“Our decision to file Chapter 11 was to better enable us to find homes for our customers, people and assets,” Comcar’s senior management team said in a joint statement. “Prior to this decision, we worked diligently to find a solution that would reduce our debt, enhance our liquidity and best position all Comcar holdings for the future. After evaluating options to address our capital structure and conducting extensive negotiations, we determined that a sale of all companies would be the best path forward to maximize their value.
“We are proud that we have found excellent future owners as each division is being purchased and will be managed by strong and reputable operators upon their respective sales. Further, this process will allow our companies to continue operating in the ordinary course of business while the sales process for each one continues.
“We believe this will best maintain opportunities for our people, continue to serve our customers and maintain vendor relationships.”
During the planned process, the company said it expects to conduct business as usual on a day-to-day basis. Procedural activities will be managed by Comcar and overseen by the bankruptcy court.
Email [email protected] for more information.
