Matlack Systems, Wilmington, Del., one of the nation's largest tank transporters for the chemical industry, filed for Chapter 11 bankruptcy protection.
The company says its bank lenders are supporting the business through the Chapter 11 process by allowing the company to use the lenders' cash collateral while debtor in possession financing is negotiated.
The action will pave the way for restructuring, says the company.
"Getting … operations in line with current economic and industry trends is essential, not only to us, but also to the industry," said President and CEO Michael Kinnard. "Recent trends have been both volatile and challenging, as the chemical industry has felt the constraints of a shrinking economy."
Matlack currently has 53 fleet terminals operating throughout the country, with about 1,500 employees, the majority of which are terminal employees, mechanics, drivers, account managers and customer service representatives.
The company says its bank lenders are supporting the business through the Chapter 11 process by allowing the company to use the lenders' cash collateral while debtor in possession financing is negotiated.
The action will pave the way for restructuring, says the company.
"Getting … operations in line with current economic and industry trends is essential, not only to us, but also to the industry," said President and CEO Michael Kinnard. "Recent trends have been both volatile and challenging, as the chemical industry has felt the constraints of a shrinking economy."
Matlack currently has 53 fleet terminals operating throughout the country, with about 1,500 employees, the majority of which are terminal employees, mechanics, drivers, account managers and customer service representatives.
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