In an announcement Friday, company officials emphasized that IdleAire Technologies Corporation has filed for Chapter 11 reorganization, not for Chapter 7 liquidation, noting there was nothing in the company's petition to the court indicating any plans for cessation of services.
IdleAire has secured a $25 million Debtor-in-Possession credit facility to provide funding for the company as it works through the Chapter 11 reorganization process. The Chapter 11 process will allow the company the opportunity to restructure its debt and emerge under new ownership on a more financially solid foundation.
"A Chapter 11 filing is an unfortunate action," said company officials, "but it is necessary to restructure our debt and recapitalize the company to continue to serve professional long-haul drivers and trucking fleets across the country. We expect operations will continue as we go through this process and we expect to end up financially stronger than ever."
IdleAire has 131 locations in 34 states. Its Advanced Travel Center Electrification system provides in-cab heating and air conditioning, electrical outlets and a range of communications and entertainment options to long-haul drivers at travel centers around the nation.