Transit Group Inc. says it has emerged from bankruptcy proceedings following the approval of the company's plan of reorganization by the U.S. Bankruptcy Court for the Middle District of Florida.
Transit Group, the largest trucking company in this country to ever emerge from bankruptcy, according to the court, filed petitions for relief under Chapter 11 of the U. S. Bankruptcy Code on Dec. 28, 2001. The court commended the company for its swift completion of the restructuring process, which enabled it to emerge from bankruptcy less than one year from the date of the original filings.
Jim Salmon, a four-year employee of the company and a 14-year veteran of the industry, is now president and chief executive officer of Transit Group. The company's chief financial officer is William P. Cox.
According to Salmon, the new Transit Group, now headquartered in Orlando, Fla., has about 1,400 power units operating throughout the continental United States. Its business features three separate units:
-- Land Transportation, LLC of Atlanta, Ga., a 100% agent-based business;
-- KAT-R&M Transportation of Chesterton, Ind. and Gretna, Neb., a temperature-controlled truckload carrier; and
-- Priority Transportation of Rochester, N.Y. and Memphis, Tenn., a dry van carrier.
"Obviously, we are very pleased to reach this milestone in our efforts to rebuild the company and put it back on a sound financial foundation," Salmon added. "The substantial time and attention devoted to moving through the reorganization process over the past year, along with our continued focus on providing high-quality service for our customers in the interim, underscores our resolve in re-establishing Transit Group as one of the preeminent carriers in its markets."
Transit Group, the largest trucking company in this country to ever emerge from bankruptcy, according to the court, filed petitions for relief under Chapter 11 of the U. S. Bankruptcy Code on Dec. 28, 2001. The court commended the company for its swift completion of the restructuring process, which enabled it to emerge from bankruptcy less than one year from the date of the original filings.
Jim Salmon, a four-year employee of the company and a 14-year veteran of the industry, is now president and chief executive officer of Transit Group. The company's chief financial officer is William P. Cox.
According to Salmon, the new Transit Group, now headquartered in Orlando, Fla., has about 1,400 power units operating throughout the continental United States. Its business features three separate units:
-- Land Transportation, LLC of Atlanta, Ga., a 100% agent-based business;
-- KAT-R&M Transportation of Chesterton, Ind. and Gretna, Neb., a temperature-controlled truckload carrier; and
-- Priority Transportation of Rochester, N.Y. and Memphis, Tenn., a dry van carrier.
"Obviously, we are very pleased to reach this milestone in our efforts to rebuild the company and put it back on a sound financial foundation," Salmon added. "The substantial time and attention devoted to moving through the reorganization process over the past year, along with our continued focus on providing high-quality service for our customers in the interim, underscores our resolve in re-establishing Transit Group as one of the preeminent carriers in its markets."
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