Trism sells off assets
Trism Inc. announced Friday that it has sold substantially all of its assets and certain contracts and leases to Bed Rock Inc. and Tri-State Properties LLC. Trism, which has been reorganizing under Chapter 11 bankruptcy protection since December 18 of last year, said it is now in the process of "winding up its business and disposing of its remaining assets."
The government munitions, commercial explosives and oversized equipment carrier reported in November that it overstated its collateral assets by an estimated $4.4 million. Earlier in 2001, Kennesaw, GA-based Trism closed it Specialized and Heavy Haul divisions and entered into discussions with its equipment lenders to reschedule certain payments and to return excess tractors.
The carrier had reduced its fleet to some 400 tractors and 850 trailers, down from 1,300 tractors and 4,000 trailers at the start of 2001.
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