IdleAire Technologies Corp., based in Knoxville, Tenn., has agreed to be sold for $26 million to a group of seven investors, said John Monaghan, an attorney for IdleAire. The company filed for Chapter 11 bankruptcy, which allows court-supervised reorganization of debt, May 12.
A purchase price of $17.5 million is listed in U.S. Bankruptcy Court documents filed in the District of Delaware, according to reports in the Knoxville News Sentinel. Monaghan, said that the assumption of liabilities made the deal worth $25 million to $26 million. Closing is expected by the end of July, but Monaghan said that “it may slip into August.”
IdleAire spokesman John Doty declined to elaborate on the deal or the company’s future, telling eTrucker.com that the new owners will make decisions regarding the company’s operations.
The company sells in-cab electrification and communication services for long-haul truckers. IdleAire was formed in 2000 and by 2008 was operating 131 locations in 35 states. Truckers using its services had conserved more than 15 million gallons of fuel, according to its website.