Dump Truck
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Lonnie Wallace
Thank you to all our employees, drivers, customers and vendors!
Our confirmation success can also be attributed to the support provided by many valuable creditors that stood in our corner such as Transportation Alliance Bank, Volvo Financial Services and Transport Finance just to mention a few. These critical vendors played a key role in the formulation of our reorganization plan.
"While the bankruptcy was a difficult period for us, the restructuring strengthened our operations and our continued viability", Lonnie Wallace President of JPT Companies. "Over the last year we have seen over 7% of capacity exit the industry. We are very fortunate to have survived these challenging economic times. Our management team and employees are eager and committed to carrying out the new business plan. Our capital structure will now allow us to remain competitive in the industry as we look forward to continued service to our many valued customers.
Through the bankruptcy process Jim Palmer Trucking was able to restructure its leases and equipment contracts as well as effect operational improvements such as increasing the owner operator fleet by 72%. These crucial steps along with others will return the company to profitability. The plan confirmation will allow JPT to continue its high level of dependable service.
On May 8th, Honorable Ralph B. Kirschner, U.S. Bankruptcy Judge for the District of Montana has ruled that the reorganization plan for Jim Palmer Trucking and related companies Jim Palmer Equipment Inc. & Jim Palmer Equipment II LLC is CONFIRMED. The companies are now free to resume normal operations under its new business plan.
A hearing was held in Missoula Montana on confirmation of the Jim Palmer Trucking Companies Chapter 11 plan of reorganization. The court was advised that the debtor had reached agreements with all secured creditors and all but one unsecured creditor. Upon review of the reorganization plan, the court has determined that the plan is sufficiently funded to pay creditors. The plan is feasible, fair and equitable and satisfies all confirmation requirements under the Federal Bankruptcy laws.
Dump Truck
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