Evergreen Transportation, Evergreen, Ala., has filed for Chapter 11 bankruptcy protection this week, but plans on restructuring its debt in an effort to emerge from it.
In the U.S. Bankruptcy Court in Mobile, Ala., the company presented its plans to come out of bankruptcy with "a capital structure more suited to support its operations and restore its profitability," according to a company statement. Evergreen said it received credit approval for $5 million in debtor-in-possession financing from General Electric Credit Corp., to be used to fund operations and post-filing obligations to employees, customers and vendors, pending court approval.
"Over the past few months, the company has made significant progress transitioning Evergreen Transportation into a more cost competitive, streamlined company with continued focus on customer service and quality," said David Wildberger, president. "Now, through this process, we are reorganizing our capital structure to become a more financially healthy company. We expect to emerge from this process as a stronger, more competitive, better-positioned company."
In the meantime, Evergreen is continuing with business as usual at all facilities. Wildberger, who had left the company, has recently rejoined Evergreen as president. Walter Poole, former owner and founder, is also back at the company working as an advisor. The company is currently negotiating with an investment group, led by Poole, which it plans to continue during the reorganization process.
In the U.S. Bankruptcy Court in Mobile, Ala., the company presented its plans to come out of bankruptcy with "a capital structure more suited to support its operations and restore its profitability," according to a company statement. Evergreen said it received credit approval for $5 million in debtor-in-possession financing from General Electric Credit Corp., to be used to fund operations and post-filing obligations to employees, customers and vendors, pending court approval.
"Over the past few months, the company has made significant progress transitioning Evergreen Transportation into a more cost competitive, streamlined company with continued focus on customer service and quality," said David Wildberger, president. "Now, through this process, we are reorganizing our capital structure to become a more financially healthy company. We expect to emerge from this process as a stronger, more competitive, better-positioned company."
In the meantime, Evergreen is continuing with business as usual at all facilities. Wildberger, who had left the company, has recently rejoined Evergreen as president. Walter Poole, former owner and founder, is also back at the company working as an advisor. The company is currently negotiating with an investment group, led by Poole, which it plans to continue during the reorganization process.
media brand
0 Comments
See all comments