IdleAire trucking services company files for bankruptcy

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html

Chapter 11 is a reorganization. Someone will get a good deal and Idleair will go on taking up spaces in truckstops where poor truckers are not allowed to park.Since the company has revenue of 39 million there is value there as long as the purchase price of the assets is comensurate.

BRI

 

If they bought there own land and built there own truck stops I wouldn't have one problem with them. But they move into existing truck stops and take over the spots that are already in very short supply and then use strong arm tactics to keep trucks out of there spots when there is no other spots left.
There equipment is rickity and nastyy. they don't clean it from my experience. The few times I used it the smell of cigerette smoke just about choked me to death and I'm fairly ok with smoke smell so it must have been real bad. The thing plugs in the window so if you drive a truck that has a curtain between the cab and bunk instead of window curtains you are out of luck charlie. you either have to leave the curtain open and deal with the lights all night or not get enough air

 

That's too close to being in the same city where Pilot is headquartered. If there's a dollar to be made with it, Knoxville's mayor/Pilot CEO may have a new toy.

Skip

 

Actually, under chapter 11, they are not forced to sell. They work a deal out under the payback to debtors. There is no guarantee the debtors will accept the deal and it could lead to chapter 13 or 7.

 

Restructure? Hell they're gonna bail them out.

California is set to lease the rest areas to them. This is only a manuever to get additional money for expansion...via the tax payer.

 

Another Republican waste of money. After all they always help out a business.

 

Republican and California..... never in all my years did I expect to see those 2 used...in the same subject matter.

But, you're right. California is a waste

 

If I understood the petition right
Some of debtors have created a separate company, and they are the ones who are financing the transfer
K Mart did this a few years ago
The biggest problem is they pretty much create new stock and many owners that are not part of new company have there original stock dissolved. Its legal but sucks

 

All I have to say Is wait and see. It takes time for things to work out.