Preston Trucking Real Estate Sold
December 21, 1999
The bulk of the real estate of bankrupt LTL carrier Preston Trucking has been sold to an Ohio investment firm for $68.4 million.
RLR Investment will buy 41 Preston real estate parcels in 15 states.
Selling the properties quickly relieved Preston of paying taxes and overhead costs on them. The company's trucks have already been sold in 14 auctions around the country.
A handful of small real estate parcels must still be sold, but the focus of the liquidation will now shift to payment of creditors. More than 7,000 claims have been filed against the company, among them the Teamsters Union.
The trucking company, based in Preston, MD, surprised the industry and its 5,500 employees last summer when it announced it would shut its doors
after it failed to secure financing to cover expenses.