PTS exits Chapter 11

Jan. 30, 2007
Bankrupt automobile delivery fleet Performance Transportation Services (PTS) said its reorganization plan has received confirmation from U.S. Bankruptcy Court

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.

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!