IdleAire Technologies, Knoxville, Tenn., has been sold to a group of noteholders led by Wells Fargo Bank.
According to published reports, after filing for Chapter 11 in May, IdleAire initially had reached an agreement with IdleAire Acquisition Co. LLC to sell its assets for $10 million, unless a better bid was forthcoming at an auction. A competing bidder, Zohar Motorcycles, drove the price up to a $17.5 million bid. When you add in the assumption of liabilities, that makes for a $25 million to $26 million deal.
The buyer reportedly is controlled by IdleAire bondholders that had also provided financing for the company just before they filed for bankruptcy.
IdleAire systems, located at 130 truckstops and terminals, provide heating and air conditioning, Internet, electrical power, television and other services for an hourly charge via large overhead truss systems.
Founded in 2000, IdleAire has never been profitable.
According to published reports, after filing for Chapter 11 in May, IdleAire initially had reached an agreement with IdleAire Acquisition Co. LLC to sell its assets for $10 million, unless a better bid was forthcoming at an auction. A competing bidder, Zohar Motorcycles, drove the price up to a $17.5 million bid. When you add in the assumption of liabilities, that makes for a $25 million to $26 million deal.
The buyer reportedly is controlled by IdleAire bondholders that had also provided financing for the company just before they filed for bankruptcy.
IdleAire systems, located at 130 truckstops and terminals, provide heating and air conditioning, Internet, electrical power, television and other services for an hourly charge via large overhead truss systems.
Founded in 2000, IdleAire has never been profitable.
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