Trism overstates assets, fires treasurer

Nov. 14, 2001
Troubled hazardous materials and munitions carrier Trism Inc. is reporting that it has overstated its collateral assets by an estimated $4.4 million and has fired its treasurer as a result. On discovery of the misstatement, Kennesaw, GA-based Trism said it took immediate action by pledging additional property assets to its revolving credit lenders to bring the collateral borrowing base in line with

Troubled hazardous materials and munitions carrier Trism Inc. is reporting that it has overstated its collateral assets by an estimated $4.4 million and has fired its treasurer as a result.

On discovery of the misstatement, Kennesaw, GA-based Trism said it took immediate action by pledging additional property assets to its revolving credit lenders to bring the collateral borrowing base in line with its current loan balance.

An investigation is underway to understand the reason for the misstatement, said Trism, and it has fired Gerald Hendren, the carrier’s treasurer and controller.

This incident comes during a tough time for Trism, which is trying to reorganize its operations. In August, 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 now operates a pool of more than 400 tractors and over 850 trailers, down from 1,300 tractor and 4,000 trailers earlier this year.

About the Author

Sean Kilcarr | Editor in Chief

Sean Kilcarr is a former longtime FleetOwner senior editor who wrote for the publication from 2000 to 2018. He served as editor-in-chief from 2017 to 2018.

 

Voice your opinion!

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

Sponsored Recommendations

The Road Ahead: 2025 Trucking and Fleet Insights

Discover how fleet operators are impacted by challenges like driver onboarding delays and complex compliance, and the critical need for technology to boost efficiency and cut ...

Driving Growth: How to Manage More Freight

Ready to grow your trucking business? Whether you have 25 or 200 trucks, this guide offers practical tips and success stories to help you expand with confidence. Discover how ...

How to Maximize Fleet Management with Vehicle Bypass

Join us on February 18th to learn how truck weigh station bypass systems boost fleet performance and driver satisfaction.

Optimizing your fleet safety program using AI

Learn how AI supports fleet safety programs with tools for compliance monitoring, driver coaching and incident analysis to reduce risks and improve efficiency.