Rocor files Chapter 11

Aug. 8, 2002
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
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.

About the Author

Tim Parry

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!