Bankrupt automobile delivery fleet Performance Transportation Services (PTS) said its reorganization plan has received confirmation from U.S. Bankruptcy Court, allowing it to exit Chapter 11 status.
“Since commencing our voluntary reorganization, we have successfully restructured our financial position,” said Jeffrey Cornish, PTS’ CEO & president of PTS. “Through this restructuring we have effectively put many challenges of our past behind us, permitting us to emerge from Chapter 11 with a significantly less leveraged balance sheet, cash to fund operations and a financial structure that will allow us to compete successfully in today’s auto industry.”
PTS will be privately held and continue to operate its three business segments: E. and L. Transport, Hadley Auto Transport, and Leaseway Motorcar Transport. Its new common stock will not be traded over any public exchange, Cornish added.