Florida-based Comcar Industries, which owns four trucking companies and one truck repair and parts distributor announced May 17 it is filing Chapter 11 bankruptcy. Comcar will sell off its holdings to various buyers, including White Willow Holdings, a New Hampshire-based private equity firm, which figured prominently in the bankruptcy of Indianapolis-based trucking company Celadon last December.
White Willow is set to purchase Comcar’s refrigerated and dry van carrier MCT Transportation. It also offered to buy Taylor Express, the last trucking company that had been part of Celadon.
In addition, Comcar will sell its flatbed company, CT Transportation, to Alabama-based PS Logistics, a full-service logistics firm that runs more than 2,000 flatbed trucks, vans, and trailers.
On their website, Comcar said, “Our decision to file Chapter 11 was to better enable us to find homes for our customers, people, and assets. Prior to this decision, we worked diligently to find a solution that would reduce our debt, enhance our liquidity, and best position all Comcar holdings for the future. After evaluating options to address our capital structure and conducting extensive negotiations, we determined that a sale of all companies would be the best path forward to maximize their value.”
Other companies up for sale by Comcar are liquid bulk carrier CTL Transport, bulk carrier CCC Transportation which runs dry van, intermodal, dedicated fleets and logistics services, and full-service tractor and trailer parts and repair operation CTTS.
“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’s website said. “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.”
The bankruptcy comes only two months after the unexpected death of Comcar’s newly appointed CEO, Randy Clark, who died at the age of 60 in Hilton Head, South Carolina. Originally founded as Commercial Carrier Corp. in 1953, Comcar had more than 2,000 employees and annual revenues exceeding $220 million.
