Arctic Express to Come In From the Cold
A bankruptcy judge Thursday confirmed a reorganization plan for Arctic Express Inc., Hilliard, Ohio
A bankruptcy judge Thursday confirmed a reorganization plan for Arctic Express Inc., Hilliard, Ohio.
The plan allows Richard Durst, the president and CEO of Arctic, to keep sole ownership.
Arctic Express is a truckload reefer carrier with nearly 300 drivers and 2003 sales revenue of about $61 million.
the Owner Operator Independent Driver Assn. sued Artic in 1997 for withholding money drivers had to put into an escrow account for repairs. A U.S. District Court decided Arctic owed the drivers $5.5 million in 2001. Arctic and affiliate D&A Associates Ltd. filed for Chapter 11 in October of 2003 before a scheduled hearing on the monetary judgment in the case took place.
Arctic and OOIDA settled the lawsuit in July. Under that agreement, drivers will get $900,000 over four years.
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