Jim Palmer Trucking lays off 6 employees

Since I live in Montana about 70 miles south of Palmer's headquarters and i was supposed to be going to oreintation with them on July 7th I can give ya all some info on what I have been reading in the local paper and on the net.

1) Jim Palmer was trying to become a publicly traded company to raise enough cash to avoid BK. However the company they choose to Let them acquire them didn't have the resources or the credit line to complete the transaction. It was a deal where Palmer would actually be acguiring the majority shares of the Canadian company.

2) Palmer had two other companies that actually carried the papers on their trucks and trailers. These companies were the ones that defaulted on their obligations, which put the whole company into BK. The president and his local lawyer have said that the cost of fuel was the major reason for the BK today.

3) The president said that they will try to restructure the company through attrition and some layoffs and by holding the line on wage increases and by making the company drivers pay more for their health insurance premiums.

4) So now I no the real reason that I was told the last week of June that they would hire me with my 16 months of experience in the last three years but when it actually came down to the time to go to Missoula for orientation they said that I would need to have more current experience.

Oh well it's probably for the best. I sure don't want to work for a company that is on such shaky ground that they are going to take it out on their driver's first (excepting the two recruiters and 4 shop people that were let go this week)

Now Im trying to find a company that hires out of Montana, Any suggestions?

 

Have you tried Watkins Shepherd?

 

It's true, Palmer has filed for chapter 11 ...

 

These company's that are filing for bankruptcy protection I suspect were not to solvent before the fuel price spike.

Drivers should be aware of their company's financial situation and realize some are carrying large amounts of debt to income ratios and could go under anytime.

 

I would venture to say that ANY trucking company that spends money on appearance items and fancy vinyl decals, given the already tight margins, is in danger of going under. Heck, even UPS, the great bastion of brown, is going white.

The Great Pumpkin... white... and I'm sure those of you who run near Detroit have noticed that even SGT, with their highly recognizable Kermit-the-Frog green trucks have gone to plain white.

 

The Great Pumpkin... white... and I'm sure those of you who run near Detroit have noticed that even SGT, with their highly recognizable Kermit-the-Frog green trucks have gone to plain white.

They should do like May trucking and color them so it hides the dirt better becuase they don't like to pay to keep the trucks clean.

 

Palmer seeks relief: 3 companies filing for bankruptcy
By PAMELA J. PODGER of the Missoulian

Jim Palmer Trucking Inc. will file for Chapter 11 bankruptcy protection Friday in U.S. Bankruptcy Court in Butte, following similar filings Thursday by two equipment subsidiaries, according to company attorneys.

The two subsidiaries, Jim Palmer Equipment and Jim Palmer Equipment II, are indebted to about 16 creditors, according to Andy Patten, the company's bankruptcy lawyer in Billings.

He said an emergency filing named banks, equipment lenders and other creditors - including U.S. Bank and G.E. Fleet. He said more details on the total assets, liabilities, leases, debtors and recent transactions by the companies will be submitted to the court in 15 days.

the link is: http://www.missoulian.com/articles/2008/07/11/news/local/news04.txt

also
Jim Palmer Trucking lays off 6 employees
By PAMELA J. PODGER of the Missoulian

High fuel prices, which are hitting the trucking industry hard, forced a Missoula trucking firm to lay off six full-time workers Tuesday.

Lonnie Wallace, president of Jim Palmer Trucking, said two recruiters and four maintenance-related personnel were let go from the trucking firm. The business employs 425 people.

“All we're doing is consolidating positions because of the economy,” Wallace said. “The high fuel prices have forced us to streamline operations.”

link is: http://www.missoulian.com/articles/2008/07/09/news/mtregional/news07.txt</SPAN>



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Well it is the economy that is hurting the trucking business

 

Just last week I saw Jim Palmer advertising in a recruiting magazine that you find at truckstops, I wonder what they pay for advertising? Are they really hiring?

And when I was driving for Knight I remember they tried to buy out Jim Palmer (so the rumor was) and Palmer said NO. This was about the time Knight bought out Roads West and Edwards bros (Referigerated division). Now I wonder if Palmer should have said YES....

DRIVE SAFE

 

Knight advertisement in today's local rag states they are 100% debt free.