Burlington Motor Carriers files for Chapter 11
DALEVILLE, Ind. (July 16, 20010 — Burlington Motor Carriers, one of the largest truckload carriers in the United States, filed for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern Indiana district.
The company said the action was “a result of its inability to restructure its long term debt with equipment lenders.”
In a statement, CEO Tom Grojean said “the company has in place a new $50 million post-petition credit line with its primary lender, Foothill Capital Corporation. That line is more than adequate to support continued profitable operations while the company reorganizes in the bankruptcy proceeding.”
Burlington and its wholly owned subsidiary, Joliff Transportation, operate 2000 trucks.
Source: Truckinginfo.com
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