The bankruptcy application was filed Wednesday of last week, and the next day, the company asked the court for permission to enter into a business partnership with Prime Inc. The agreement means O&S can take advantage of Prime's buying power, lower fuel costs and other resources in return for 20% of the revenue it generates hauling freight.
O&S President and CEO and former Springfield Mayor James O'Neal told the paper that the company is "going to do our best to make everything come out as well as possible." He said the company will maintain its independence, and all O&S drivers will be able to continue working.
Chapter 11 permits a company to reorganize under court supervision as opposed to Chapter 7, which means the business ceases operations and a trustee sells all of its assets and distributes the proceeds to creditors.