Evergreen Transportation Inc. has filed for reorganization under Chapter 11 in the U.S. Bankruptcy Court in Mobile, Alabama. The Evergreen, Ala.-based company said it plans to use this process to restructure its debt, resulting in a capital structure more suited to support its operations and restore its profitability. The company plans to continue its normal day-to-day operations without interruption.
Evergreen has received credit approval for $5 million in debtor-in-possession financing from General Electric Credit Corporation. Pending court approval, the company plans to use the financing to fund operations and its post-filing obligations to employees, customers and vendors.
The carrier also announced that former President David Wildberger has rejoined the company and that former founder and owner Walter Poole is working with the company as an advisor. The company is in talks with an investment group led by Poole.