Thomas Becker, who helps PTS with their publicity directed me to the latest article which should clarify where PTS is at with respect to the reorganization:
Performance Transportation Services, Inc. :: Performance Transportation Services, Inc. Emerges from Chapter 11: "Performance Transportation Services, Inc. Emerges from Chapter 11
Reorganization Plan Becomes Effective
DETROIT, Jan. 29 /PRNewswire/ -- Performance Transportation Services Inc., ('PTS') the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America, announced that its Plan of Reorganization became effective today, marking the Company's emergence from its voluntary Chapter 11 proceeding. The Company's Plan of Reorganization was confirmed on December 21, 2006 less than a year after PTS and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of New York.
PTS has met all requirements to emerge from bankruptcy and the implementation of the court approved Plan of Reorganization brings to a conclusion the company's financial restructuring process. 'Since commencing our voluntary reorganization, we have successfully restructured our financial position,' said Jeffrey L. Cornish, chief executive officer and president of PTS. 'Through this restructuring we have effectively put many challenges of our past behind us, permitting the company to emerge from Chapter 11 with a significantly less leveraged balance sheet, cash to fund operations and a financial structure that will allow us"
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