USA Dry Van Logistics, a national provider of asset-based transportation and third-party logistics specializing in cross-border shipments between Mexico and the United States, on Tuesday, Nov. 30, announced its emergence from bankruptcy. The McAllen, Texas-based company says that in less than 10 months, it was able to restructure the business and continues to operate with mostly the same customers, employees, lenders and equipment. The new owners are a conglomerate of lenders and creditors, with GE Capital Corp., CapitalOne and FCC being the largest shareholders.
Denis Reilly, hired as the new chief executive officer as part of the restructuring, has more than 25 years of operational and management experience with leadership companies. Prior to joining USA Dry Van Logistics, Reilly was president of North American Transportation for OHL, where he provided strategic direction and development for their growing transportation services. Reilly also has served in senior executive positions for YRC Logistics, Menlo Logistics, CHEP USA and Frito Lay.
“It has been a long hard year of commitment and dedication from our customers, lenders, drivers and employees,” says Curt Friedberg, chief restructuring officer. :During these tough economic times, it is nice to see that we were able to save nearly 600 jobs and keep this company going. USA Dry Van is well positioned to continue servicing the cross border and domestic customers under Denis’ leadership.”