In May, the refrigerated carrier announced it would escape bankruptcy after a judge approved a reorganization plan that allowed the company to lengthen its payment schedule.
When the company and its two subsidiaries, Jim Palmer Equipment and Jim Palmer Equipment II, filed for Chapter 11 bankruptcy in July 2008, the three were delinquent on between $1.5 million and $2 million in equipment loans and other debts after the carrier's average fuel costs went up 12 percent the previous year.
Prior to the bankruptcy filing, the company also had a merger deal with Canadian firm ActionView International lined up, but that went sour because of inability to get financing for the merger.
The company has been sold to Milan Kangrga, 53, and Blazo Gjorev, 31, who are based in Chicago, The Missoulian reported. The men plan to keep all current 280 employees of the company, including Owner Jim Palmer, who will serve as a consultant. Lonnie Wallace, current president of Jim Palmer, will retain his position.
According to the newspaper, the men plan to expand the company's reach to the East Coast.