Simon Transportation Services, the parent of Salt Lake City based trucking company Dick Simon Trucking, is making preparations to sell of much of its property.
Company officials have filed a motion with the Bankruptcy Court seeking an order approving an auction and a sale date for the sale of assets.
Accompanying this filing was a potential bid from Central Freight Lines, an entity controlled by Jerry Moyes, Dick Simon’s current majority stockholder, for the acquisition of substantially all of the assets of the company.
The company also announced this it has met all the required conditions to keep its auto and general liability insurance coverage in place.
The company also has agreed with Nasdaq that its Class A Common Stock will no longer be traded on the Nasdaq National Market. The delisting of the company's Class A Common Stock was expected to occur yesterday.
Dick Simon Trucking and its parent company, Simon Transportation Services, filed for Chapter 11 reorganization under the U.S. Bankruptcy Code in late February.
At the time, the company said it planned to downsize its fleet and generate money by selling off assets. The company says it has continued to operate its business and serve customers as usual as it solicits interested bidders for its assets.
Company officials have filed a motion with the Bankruptcy Court seeking an order approving an auction and a sale date for the sale of assets.
Accompanying this filing was a potential bid from Central Freight Lines, an entity controlled by Jerry Moyes, Dick Simon’s current majority stockholder, for the acquisition of substantially all of the assets of the company.
The company also announced this it has met all the required conditions to keep its auto and general liability insurance coverage in place.
The company also has agreed with Nasdaq that its Class A Common Stock will no longer be traded on the Nasdaq National Market. The delisting of the company's Class A Common Stock was expected to occur yesterday.
Dick Simon Trucking and its parent company, Simon Transportation Services, filed for Chapter 11 reorganization under the U.S. Bankruptcy Code in late February.
At the time, the company said it planned to downsize its fleet and generate money by selling off assets. The company says it has continued to operate its business and serve customers as usual as it solicits interested bidders for its assets.
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