IdleAire locations are operating and serving customers and are expected to remain that way, the company announced through a press release. Company officials also emphasized that IdleAire Technologies Corp. has filed for Chapter 11 reorganization, not for Chapter 7 liquidation, noting there was nothing in the company’s petition to the court indicating any plans for cessation of services.
IdleAire says it has secured a $25 million debtor-in-possession credit facility to provide funding for the company as it works through the Chapter 11 reorganization process. The company says the Chapter 11 process will allow it the opportunity to restructure its debt and emerge under new ownership on a more financially solid foundation.
“A Chapter 11 filing is an unfortunate action, but it is necessary to restructure our debt and recapitalize the company to continue to serve professional longhaul drivers and trucking fleets across the country,” company officials say. “We expect operations will continue as we go through this process, and we expect to end up financially stronger than ever.”
IdleAire Advanced Travel Center Electrification provides in-cab heating and air conditioning, electrical outlets and a range of communications and entertainment options to longhaul drivers at travel centers around the nation. IdleAire has 131 locations in 34 states. Last year, nearly 200,000 individual longhaul drivers made 1.5 million visits to IdleAire sites, the company says.