IdleAire Technologies has secured a line of credit and borrowed $3.7 million to help it survive, along with hiring a turnaround consultant.


The Knoxville, Tenn.-based company offers truckstop electrification services at 130 locations that allow truckers to avoid idling their engines. The IdleAire units provide electricity, heat, air conditioning, Internet and satellite TV connections, on-demand movies and educational programs through consoles that fit into truck windows.

The company has never been profitable, and last month in its annual report said that "our continuous losses and liquidity deficiencies raise substantial doubt about our ability to continue as a going concern."

The report, filed with the Securities and Exchange Commission in mid-April, also said, "If we fail to secure sufficient funds to pay our operating expenses and payments due under our senior secured discount notes, we may be required to suspend ATE installation activities permanently, liquidate assets, incur additional debt or file for a bankruptcy proceeding."

At the end of April, however, another SEC filing announced IdleAire had secured a line of credit up to $25 million and had borrowed approximately $3.7 million. "The proceeds are being used for general corporate purposes of the company to pay disbursements approved by lenders," the filing said. "To satisfy one of the closing conditions of the credit facility, the company has retained CRG Partners Group LLC, a turn-around management and restructuring consulting firm."

IldeAire also has hired Getzler Henrich & Associates LLC and KPMG Corporate Finance LLC to help develop a plan to provide enough money to finance its operations for the next year.