Hazmat trucking firm Trism Inc., has filed for Chapter 11 bankruptcy protection, the latest in a long string of bad news for the Kennesaw, GA-based carrier.
Specializing in the transportation of hazardous waste, explosives, military munitions and radioactive materials, Trism filed the petition with the U.S. Bankruptcy Court for the Western District of Missouri. The filing affects Trism and its various subsidiaries.
The carrier said several factors led to its Chapter 11 filing, including recent periods of high fuel costs, difficulty in obtaining qualified drivers, industry-wide increases in insurance premiums and reduced shipping demand.
Trsim said it expects to operate as debtor-in-possession and continue business as usual pending a sale contemplated by the company being approved by the bankruptcy court. It will also file motions with the court seeking approval of the continuation of company compensation and benefit plans, and payment of funds due to certain suppliers of essential goods and services.
Thomas P. Krasner, who had been Trism’s president & CEO, has resigned and was replaced by Ralph S. Nelson, formerly executive vp and general counsel. Trism’s board also appointed Tom McGoldrick as vp & CFO.