KNOXVILLE, Tenn. — IdleAire Technologies, a provider of user-pay cab comfort systems at US truck stops, has filed for bankruptcy.
The company listed debt of US$303.6 million as of Dec. 31 in its Chapter 11 filings, according to a report Bloomberg.
In 2007, the company reported a net loss of US$93.4 million and by the end of the year had accumulated deficits of US$246.4 million. Court papers cited by Bloomberg quoted CEO Michael Crabtree as saying it was in the best interest of creditors to file for bankruptcy, “Given its inability to raise operating capital.”
– With files from Bloomberg
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