U.S. trucking giant Comcar files for bankruptcy

by Today's Trucking

JACKSONVILLE, Fla. — Comcar Industries, which owns five transportation subsidiaries with 4,000 trucks, has filed for bankruptcy, the privately held company announced Monday.

Comcar

“Our decision to file (for) Chapter 11 (protection) was to better enable us to find homes for our customers, people and assets,” Comcar said in a statement posted on its website.

As a result, it said:

  • CT Transportation will be sold to PS Logistics;
  • CTL Transportation will be sold to Service Transport; and
  • MCT Transportation will be sold to White Willow Holdings.

The company said it has also entered into a letter of intent for the sale of CCC and CTTS Repair.

“After evaluating options to address our capital structure and conducting extensive negotiations, we determined that a sale of all companies would be the best path forward to maximize their value.”

– Comcar.

“Prior to this decision, we worked diligently to find a solution that would reduce our debt, enhance our liquidity and best position all Comcar holdings for the future,” Comcar said.

“After evaluating options to address our capital structure and conducting extensive negotiations, we determined that a sale of all companies would be the best path forward to maximize their value,” it added.

Media reports said Comcar had assets worth about $67 million and liabilities of $86 million.

During the transition, the company said, it expects to conduct business as usual on a day-to-day basis.

Procedural activities will be managed by Comcar and overseen by the bankruptcy court, it said.

In a separate announcement, Texas-based Adams Resources and Energy said that its transportation subsidiary Service Transport has executed a definitive agreement with Comcar to acquire CTL Transportation.

Comcar, founded in 1953, is headquartered in Auburndale, Fla. It has more than 40 locations across the U.S. It employed some 4,500 people.

Comcar’s collapse comes five months after the fall of another major trucking company, Celadon, which filed for bankruptcy in early December, leaving some 3,000 drivers jobless.

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