In June, the company reached agreement with its lenders to restructure its balance sheet through a voluntary, pre-negotiated Chapter 11 reorganization. The Chapter 11 process was a strategic financial decision on the part of the company to strengthen its balance sheet so it was better positioned to weather the current weak truck manufacturing market and manage the cycles inherent to the transportation industry.
The first of those developments was the naming of Michael Testman as its new CEO. Testman is currently president of ATC Leasing, a JHT Holdings' subsidiary company. The appointment was effective Nov. 1. Testman has more than 20 years of experience in the truck transportation industry, having also served as CFO and controller for other companies in the industry.
JHT's operating companies transport approximately 95 percent of Class 8 trucks and roughly 50 percent of new Class 5 thru 7 trucks from the manufacturers' plant site location to their dealership network.