Rocor files bankruptcy, contemplates sale

Sept. 1, 2002
Rocor International, based in Oklahoma City OK and operating as Rocor Transportation, filed for Chapter 11 bankruptcy protection Aug 6, 2002, in federal

Rocor International, based in Oklahoma City OK and operating as Rocor Transportation, filed for Chapter 11 bankruptcy protection Aug 6, 2002, in federal court in the Western District of Oklahoma. The court case number is 02-17658 WV, The filing follows months of corporate downsizing, reducing the fleet from 2,400 truck and drivers to about 850 tractors, 1,100 trailers, and 1,000 drivers and other workers.

The purpose of the downsizing has been to pare operations to a profitable core of customers and traffic lanes, says William M Wiley III, chief executive officer. In that exercise, Rocor has shut down its logistics division, divested or closed regional operations, and expanded its freight brokerage.

Rocor, the fourth-largest refrigerated carrier in Refrigerated Transporter's annual Gross Revenue Report, most recently reported revenue for 2000 at $269.9 million, down from $340.7 million in 1999. Reports suggest that revenue fell to $160 million for 2001. The company was built from the acquisition over the years of smaller carriers including Altruck, Bray Lines, RTC Transportation, and others, often in marginal condition at the time of purchase.

Court records show about $40 million in unsecured debt, of which $29 million is held by Apex Trailer Rental for equipment financing. Other creditors include Citi Capital, Comdata, MBC Leasing, Navistar International, and Transamerica. The company says in court papers that creditors can expect payment.

Before the filing, Oklahoma investment company CHM Acquisitions expressed an interest in acquiring Rocor assets for cash and lease assumptions. Rocor says it is considering the offer. Mortan Keegan & Co has been retained by Rocor to advise of any proposed sale. Spencer Fane Britt & Brown, a Kansas City law firm, is Rocor's bankruptcy counsel.

Voice your opinion!

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

Sponsored Recommendations

Leveraging telematics to get the most from insurance

Fleet owners are quickly adopting telematics as part of their risk mitigation strategy. Here’s why.

Reliable EV Charging Solution for Last-Mile Delivery Fleets

Selecting the right EV charging infrastructure and the right partner to best solve your needs are critical. Learn which solution PepsiCo is choosing to power their fleet and help...

Overcoming Common Roadblocks Associated with Fleet Electrification at Scale

Fleets in the United States, are increasingly transitioning from internal combustion engine vehicles to electric vehicles. While this shift presents challenges, there are strategies...

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...