KNOXVILLE, Tenn. — A deal was recently struck for the purchase of IdleAire Technologies, which filed for Chapter 11 back in May.
The truckstop electrification company had agreed to sell its assets for $10 million, unless a better bid was made during an auction.
In the end, a group of noteholders felt the Knoxville, Tenn.-based company was worth $17.5 million, which ends up being about $26 million with the assumption of liabilites.
The new ownership is expected to continue running electrification systems, which are located at 130 truckstops in the U.S. For how long is anybody’s guess, considering the company has been in operation since 2000 and has had a hard time making profits from the start.
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