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Comcar Files for Chapter 11, Selling Off Assets
Comcar Industries, the parent company for five national truck transportation and related services businesses, has announced its intent to sell its various operating companies, recently filling for Chapter 11 protection to facilitate these sales.
May 18, 2020
Image: Comcar
1 min to read
Comcar Industries, the parent company for five national truck transportation and related services businesses, has announced its intent to sell its various operating companies, recently filling for Chapter 11 protection to facilitate these sales.
As a result of separate agreements, CT Transportation LLC will be sold to PS Logistics, LLC; CTL Transportation LLC will be sold to Service Transport, Inc.; and MCT Transportation LLC will be sold to White Willow Holdings. Comcar has also entered into a letter of intent for the sale of CCC and CTTS Repair.
“Our decision to file Chapter 11 was to better enable us to find homes for our customers, people, and assets,” according to a statement from the Comcar senior management team. “We believe this will best maintain opportunities for our people, continue to serve our customers, and maintain vendor relationships.”
During the process, Comcar expects to conduct business as usual on a day-to-day basis, with the management of procedural activities overseen by the bankruptcy court.
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