Comcar Industries (No. 98 on the CCJ Top 250), the parent company of four motor carriers and a truck repair shop, announced Sunday, May 17, it is selling the five companies and filing for Chapter 11 bankruptcy.
As a result of separate agreements, flatbed fleet CT Transportation will be sold to PS Logistics; liquid chemical hauler CTL Transportation will be sold to Service Transport; and reefer and dry van fleet MCT Transportation will be sold to White Willow Holdings. The company has also entered into a letter of intent for the sale of bulk carrier CCC Transportation and CTTS Repair.
According to data within the CCJ Top 250, Comcar’s subsidiaries owned 1,056 tractors and leased 172 tractors, along with owning 2,041 trailers. The company also employed approximately 1,264 truck drivers.
It’s unclear as to what specifically led the company to sell off its assets and file for bankruptcy. CCJ has reached out to the company for additional comment, and this post will be updated with any additional information.
Comcar said in a press release it had worked to find a way to “reduce our debt, enhance our liquidity and best position all Comcar holdings for the future,” and “determined that a sale of all companies would be the best path forward to maximize their value.”
“We are proud that we have found excellent future owners as each division is being purchased and will be managed by strong and reputable operators upon their respective sales,” the company added. “Further, this process will allow our companies to continue operating in the ordinary course of business while the sales process for each one continues. We believe this will best maintain opportunities for our people, continue to serve our customers and maintain vendor relationships.”
Comcar said it plans to continue conducting business as usual on a day-to-day basis during the bankruptcy process.