Terion Inc., which makes and markets the FleetView asset management and trailer-tracking product, filed for Chapter 11 bankruptcy protection this week. The company said it is not going out of business, and that it will continue to market, distribute and provide customer service for FleetView owners without interruption.
"After a thorough analysis of Terion’s financial condition and the rapidly changing outlook in the transportation industry, the board of directors and senior management concluded that the bankruptcy filing was both prudent and necessary," Terion president Kenneth J. Cranston said in a letter to customers. "Terion management will gain the necessary time to reorganize and stabilize our financial situation under the supervision of the U.S. Bankruptcy Court."
Cranston added that the management team has developed a business plan that focuses on increasing revenues, reducing costs and maximizing cash flow associated with FleetView.
Terion said it has about 70,000 FleetView devices sold and over 44,000 devices activated in the field. About 25,000 are on trailers owned by XTRA Lease, while 17,000 are in use by J.B. Hunt.