Corporate Shakedown Hits Professional Transportation Group
November 09, 2000
Professional Transportation Group, a ground transportation and logistics company based in Marietta, Ga., is booting its top officers amidst a raft of financial problems.
The company announced yesterday that Dennis A. Bakal has stepped down as president and chief executive officer, and W. Anthony Huff has been removed from his position as chairman of the board.
William R. Asbell Jr., the current interim chief financial officer and general counsel, was named acting president. However, both Bakal and Huff will retain their positions as directors.
The company is reviewing its quarterly reports for the periods ending March 31 and June 30, 2000, and expects to report net losses rather than net income as previously reported.
In addition, PTG received written notice yesterday from its principal outside lender, SouthTrust Bank, that it has accelerated the payment of the entire lending facility in the approximate amount of $16.3 million.
PTG is currently in negotiations with the bank and other potential lenders to comply with the notice.
Nasdaq also announced that trading in the company was halted yesterday afternoon, and will remain that way until PTG has satisfied Nasdaq's request for additional information.