Seven months after asking federal bankruptcy courts for protection from creditors, Terion Inc. and its creditors have agreed on a reorganization plan that will officially allow the company to emerge from bankruptcy on Aug. 30. The company provides untethered trailer tracking for a number of large, high-profile customers such as J.B. Hunt and Xtra Lease.
The new business plan "was a team effort involving creditors, customers and investors," said Terion president Ken Cranston.
One key element of the plan is the sale of Terion's FM-based wireless communications network, which the company built the network for an in-cab two-way messaging system. The company has stopped marketing the messaging system and will now concentrate solely on its FleetView trailer-tracking service.
"Our customers like the product because it takes inefficiencies out of their business," said Cranston. "We've continued to sell FleetView throughout the (bankruptcy reorganization) process and currently have a 15,000-unit backlog."
Approximately 50,000 trailer-tracking units are already in operation, according to Terion.
FleetView uses the Verizon analog cellular network to transmit GPS location data from trailers in real-time. The system can also monitor cargo status and supports over-the-air software upgrades and device settings.