A bankruptcy judge Thursday confirmed a reorganization plan for Arctic Express Inc., Hilliard, Ohio.
Arctic Express to Come In From the Cold
The plan allows Richard Durst, the president and CEO of Arctic, to keep sole ownership.
Arctic Express is a truckload reefer carrier with nearly 300 drivers and 2003 sales revenue of about $61 million.
the Owner Operator Independent Driver Assn. sued Artic in 1997 for withholding money drivers had to put into an escrow account for repairs. A U.S. District Court decided Arctic owed the drivers $5.5 million in 2001. Arctic and affiliate D&A Associates Ltd. filed for Chapter 11 in October of 2003 before a scheduled hearing on the monetary judgment in the case took place.
Arctic and OOIDA settled the lawsuit in July. Under that agreement, drivers will get $900,000 over four years.
0 Comments