Jim Palmer Trucking (JPT) President Lonnie Wallace announced that the Missoula, Mont.-based trucking company and its two subsidiaries – Jim Palmer Equipment and Jim Palmer Equipment II – had filed in U.S. Bankruptcy Court for Chapter 11 bankruptcy protection. In a letter posted on the company’s website, customers, employees and local community that it will continue normal day-to-day operations and “will move forward with a successful business plan focusing on a lean, productive, and profitable organization.”
Wallace said that JPT had “struggled with soaring and unrelenting diesel fuel prices since the beginning of the year. There will continue to be a monumental effort to ensure the survival of the company and its affiliates through the bankruptcy courts work out plans.” He added that the company will analyze its fleet to determine which trucks could be replaced with more fuel-efficient equipment. “Possible workout plans may include negotiating the leases on existing trucks and trailers with creditors, paying existing debt over a longer period of time with lower interest, or attracting new capital to purchase newer, more efficient equipment.”
