CORAL SPRINGS, Fla. (Dec. 29, 2000) — PNV Inc., which uses distinctive yellow “pods” to bring telephone and cable television lines into the truck cab, has filed for bankruptcy while it looks for a buyer.
The company suspended its services on Dec. 28.
“We initiated the Chapter 11 filing to give us time to evaluate the possibility of an orderly sale of the business and its assets,” said Bob May, PNV president and CEO.
The company missed a $4.9 million US interest payment to bondholders, according to the filing. On Nov. 22, PNV officials warned of a cash crunch that was putting the company in peril.
PNV, formerly called Park ‘N View, provides communications, cable TV, and Internet services to truck drivers at nearly 400 truck stops in 43 states.
After going public one year ago, the company struggled to fund expanded services, including broadband wireless technology that would allow it to move away from having to deliver signals via hard wires. PNV’s shares to fall from a high of $17 in November 1999 to a low of three cents last week.
The company lost $24.7 million in 1999 and is expected to lose $47.7 million this year.
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