PNV finds a buyer in Transcom
CORAL SPRINGS, Fla. (Feb. 8, 2001) — TTI Holdings, a provider of communications to the trucking industry, will pay $5.5 million US for the assets of PNV Inc., the bankrupt truck stop entertainment and communications company.
The transaction does not include PNV.com, the company’s web portal, which remains for sale.
TTI Holdings is the parent of Transcommunications, which offers services such as Transcard, CabCard, Transfunds, and commercial long-distance telephone service.
PNV said it was working on a liquidating plan to wind down the company and pay creditors. Because claims substantially exceed the expected cash available for distribution to creditors, the company said, there will be no distribution of funds to holders of PNV common stock.
“PNV has a compelling value proposition — providing connectivity to the long-haul trucking industry. Their assets complement our business strategy. We will immediately focus on our number one priority of bringing the PNV services back to life,” said James Coppinger, TTI chairman and CEO.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.