Wednesday, December 05, 2007
More on the PTS bankruptcy filing.
Tribune-Chronicle: "Car hauler files bankruptcy By LARRY RINGLER / Tribune Chronicle LORDSTOWN — Performance Transportation Services Inc. will continue to haul vehicles, including those made at the General Motors Corp. Lordstown Complex, after a Chapter 11 bankruptcy filing designed to help the sale of the company. The parent of Leaseway Auto Transport said Monday’s voluntary bankruptcy was required to sell the company to Allied Systems Holdings Inc. for $67 million."
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13 comments:
This is misleading. First allied has only put a bid in for PTS to the Judge there may be others to bid on it. Second Allied teamster drivers have to approve allied to do so. PTS drivers voted not to take the pay cut to help PTS to get out of bankruptcy, Why should us at allied vote a paycut for them? I have not heard from one PTS driver for me to vote for this. In no way is this a done deal even if allied gets the vote to ok the purchase. There might be another bid and allied will not make another bid or overpay for the PTS business. So 1500 PTS drivers could be out of a job complete if alot of things dont fall just right. Make no mistakes PTS is being liquidated in the next couple of weeks and with who picks up the business there is no way of knowing.
6:39 AM
Don't Jump the gun so fast. Just maybe there will be other bidders.
What make you think PTS is so close to liquidation?
the bankruptcy court, this is the second bankruptcy they are being made to liquidate to get their lein holders money back its a done deal on that. PTS will no longer be in business by the end of the year just research the documents its in the court orders
What I find interesting, is that when PTS went to the union asking for the same deal it made with Allied, 17% across the board pay cut, The Teamsters said no way. But they whole heartedly support the sale to Allied which will force the pay cut on PTS.Remember that Ron Burkle and Yucaipa owns Allied, and Ron Burkle and Yucaipa also owns PTS.
yes yucaipa owns 60% of allied shares. But the can not recoup the money they already lost in PTS the union is trying to protect their jobs but if someone else buyas them the union members will be out of the job and allied would secure their jobs and benefits retaining their company senoirity but getting a new company senoirity. But I still have not heard one PTS driver tell me if they support this or dont want it.
And That was PTS drivers that turned down the cut.
what companies out there could put in a competitive bid
Anyone can put a bid in for pts. They are auctioning it of in mid to late feb. The other interested party is the money backer for united road. they showed intrest in it also. The thing is there they dont have to let pts drivers follow that business because united road is a non union carrier. If pts drivers got to work there they will get all new senoirity, all vacation time they have now will be gone, along with all medical beneifits, also the will nedd to freeze thei pensions so they dont get lost but if yous on the eastern contracrt that pension will about be nothing because they have workers now paying for retirees plan so the retirees will lose their pension that they gey now or be very reduced. But Allied made a strong statement that they will not over bid on this. and that they are not the only bidders.
in a case like this, could pts be broken up and awarded to several different companies. or will one company get the whole thing
Would it not be very humorus if Swift was to purchase PTS. I heard Jerry was very interested in the purchase.
Swift arleady trired a carhauler division and failed miserably. But we'll find out in feb. if anyone is going to buy them as a whole or just liquidate and sell of eqiuptment and properties
Most of what you read here is true Allied did bid 67mil but withdrew their bid after the judge order was issued for an open bid. So we wait for the bidding. Yes several bidders can enter and buy PTS in pieces.
Chainsdraging TheCarHauler.Com
allied still is bidding on this they just wasnt allowed to bey it outright their bid will be put in with all other bids
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