IdleAire trucking services company files for bankruptcy - Page 5 - Truckers' Trucking Forum | Message Board

Cybergal · **^ Top** #41 06.17.2008

IdleAire Can Go Ahead With Sale
6/17/08

Quote:

A judge ruled that IdleAire Technologies, Knoxville, Tenn., can go ahead with a planned sale.

The company, which provided idling-reduction services through truckstops, filed for Chapter 11 bankruptcy May 12 after net losses of $93.44 million in 2007 and after months of intense efforts to obtain alternative financing failed.

If no qualified bids are received by July 1, the company can continue with the $10 million sale to the proposed buyer, a newly created company made up of members holding the majority of secured notes, reported Bloomberg. If more than one bid is received, there will be an auction on July 3.

The U.S. Trustee (an arm of the U.S. Justice Department that oversees bankruptcy cases) had challenged the sale, saying the proposed purchase price of $10 was too low - less than 5 percent of the reported value of the company assets.

In a June 13 hearing, U.S. Bankruptcy Judge Kevin Gross denied the request for an examiner to probe the planned sale.

The bankruptcy court also gave final approval for $25 million in secured financing.

The judge also authorized establishing a severance program for lower-level employees that won't cost more than $300,000, Bloomberg reported. He will decide in a June 24 hearing whether to approve a bonus incentive program for 22 senior executives that would cost up to $505,000.
http://www.truckinginfo.com/news/new...category_id=20

AfterShock · **^ Top** #42 06.17.2008

Very interesting.
Thanx Cybergal.

Especially the last sentence -- about the
Bonus Incentive Program for 22 senior executives.
At $505,000, if divvied up equally betwixt them,
would come to a cool $22,954.55.
Not too shabby for failing to turn a profit.
Ya reckon.

GadgetGirl · **^ Top** #43 06.22.2008

I just overheard an employee of Idleaire at the Earle, AR TA say that employee hours have been cut way down, with some employees only getting one shift per week.

Also, according to a posting made by an Idleaire employee on Knoxnews.com, some sites have reduced employee site reps down to just one per shift. So again, is this part of their restructuring plan or is there more cuts to come?

AfterShock · **^ Top** #44 06.22.2008

Quote:

Originally Posted by GadgetGirl

I just overheard an employee of Idleaire at the Earle, AR TA say that employee hours have been cut way down, with some employees only getting one shift per week.

Also, according to a posting made by an Idleaire employee on Knoxnews.com, some sites have reduced employee site reps down to just one per shift. So again, is this part of their restructuring plan or is there more cuts to come?

Next thang, I think you'll see is Idleaire
folks reportin' for work
belly UP.

After that, I expect to see a sign readin'
Gone Fishin'.

GadgetGirl · **^ Top** #45 06.23.2008

According to this article, [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. , there are three different new competing companies waiting to fill the void if Idleaire liquidates. You can see the pictures for two of the systems in this article, Cabaire and Airedock. The third company, Shorepower, my favorite, is strictly cable TV and 110V power outlets. You can go to Shorepower.com to look at their system.

Since I already have a ComfortPro system installed as well as a shore power connection, all I need is an extension cord to plug in. When I talked to Joe Licari with Shorepower back in December of last year, he said they were planning on charging .75 cents an hour for 110V power only and $1.00 for 110V plus cable tv.

What do you think of these systems?

NeedToVent · **^ Top** #46 06.28.2008

I am formally a employee of IdleAire and I am very td off so I came here to vent and let some of you know a few things I know. Anyone interested in why IA employees right down truck names and #'s all day and night ???

cleanz_28 · **^ Top** #47 06.28.2008

Quote:

Originally Posted by NeedToVent

I am formally a employee of IdleAire and I am very td off so I came here to vent and let some of you know a few things I know. Anyone interested in why IA employees right down truck names and #'s all day and night ???

why do they ?

NeedToVent · **^ Top** #48 06.28.2008

Because they send all of the truck compant names and truck # to the individual companys to cause the companies to pd off at their drivers for idleing

NeedToVent · **^ Top** #49 06.28.2008

It is a stanard rule to write down every sigle truck in the lot that is on the IA hit list to try to get the companies to force their drivers to hook up to the IA

NeedToVent · **^ Top** #50 06.28.2008

Be very careful of new names Park N View IdleAire Shore Power take a good look at where the $ is coming from.

Quote:

Originally Posted by GadgetGirl

According to this article, [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. , there are three different new competing companies waiting to fill the void if Idleaire liquidates. You can see the pictures for two of the systems in this article, Cabaire and Airedock. The third company, Shorepower, my favorite, is strictly cable TV and 110V power outlets. You can go to Shorepower.com to look at their system.

Since I already have a ComfortPro system installed as well as a shore power connection, all I need is an extension cord to plug in. When I talked to Joe Licari with Shorepower back in December of last year, he said they were planning on charging .75 cents an hour for 110V power only and $1.00 for 110V plus cable tv.

What do you think of these systems?

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