Refrigerated carrier Rocor International Inc. has filed for Chapter 11 bankruptcy and is already looking at a potential buyer,The Daily Oklahoman reported.
President Bill Wiley said Tuesday the company already has downsized over the last three years from about 2,400 trucks and drivers. Rocor has a fleet of about 850 trucks and 1,100 trailers and employs about 1,000 workers and drivers, and Wiley said no further position cuts are expected.
Shortly before the bankruptcy filing, Wiley said he received a letter of intent from investment company CHM Acquisitions LLC to acquire all the company's operating assets. Wiley said he is considering the offer and expects to make a decision within days.
"After paring our operations to a profitable core of routes and major customers, we have positioned Rocor to be attractive to potential and strategic buyers," Wiley said. "We plan to preserve the jobs of our drivers and other valued employees."
According to The Oklahoman, court records show that Rocor's largest creditor with an unsecured claim is Apex Trailer Rental, with a claim of $29.5 million for equipment financing.
Other creditors and their claims include Citi Capital, $3.67 million; MBC Leasing, $4.39 million; Navistar International Corp., $8.65 million; Transamerica, $11.4 million; and Comdata, $3.53 million. Rocor's filing shows that the company expects to pay its unsecured creditors.
Rocor is the second major reefer carrier to file for Chapter 11 bankruptcy this year. Simon Transportation filed in March and was purchased by the Jerry Moyes-owned Central Refrigerated Service Inc.