BBC NEWS | Business | DaimlerChrysler cuts 13,000 jobs: "DaimlerChrysler is to cut 13,000 jobs at its loss-making US unit Chrysler."
I wonder if anyone has compared the job loss with job creation over time. Seems like there must have been numerous studies on this, since the auto industry supports so many other jobs in the economy.
Wednesday, February 14, 2007
Monday, February 12, 2007
Performance Transportation Services, Inc. :: Performance Transportation Services, Inc. Emerges from Chapter 11
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"
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"
Allied Transport Bankruptcy Updeate
Guess while we're updating all of our favorite stories, we should post the latest happenings at Allied!
Allied Bankruptcy Report
Allied Bankruptcy Report
Performance Transportation Services, Inc. Receives Court Approval on First-Day Motions in its Voluntary Chapter 11 Filing
This company is also known as PTS group. They own E&L Transport, Hadley, just to name a few. The following link goes to an article related to their Chapter 11 filing.
Performance Transportation Services, Inc. Receives Court Approval on First-Day Motions in its Voluntary Chapter 11 Filing
Received a call last week from someone from US Business Review on this very subject. Supposedly, PTS is emerging from bankruptcy. It looks like they have gotten to the point where they can control their destiny, so to speak, but I didn't see anything in this particular news story that says they are "definitively" out, and that the BK has been discharged. But perhaps I am missing something.
According to Wikipedia, this is the definition of "Debtor in Possession":
debtor in possession
A debtor in possession, in United States bankruptcy law, is a person who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. This is often the case where the property is a personal vehicle which has depreciated in value since the time of the purpose, and which the debtor needs in order to be able to find or continue employment to pay off his debts.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
Performance Transportation Services, Inc. Receives Court Approval on First-Day Motions in its Voluntary Chapter 11 Filing
Received a call last week from someone from US Business Review on this very subject. Supposedly, PTS is emerging from bankruptcy. It looks like they have gotten to the point where they can control their destiny, so to speak, but I didn't see anything in this particular news story that says they are "definitively" out, and that the BK has been discharged. But perhaps I am missing something.
According to Wikipedia, this is the definition of "Debtor in Possession":
debtor in possession
A debtor in possession, in United States bankruptcy law, is a person who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. This is often the case where the property is a personal vehicle which has depreciated in value since the time of the purpose, and which the debtor needs in order to be able to find or continue employment to pay off his debts.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
Cottrell Lawsuit Update
Madison County Record | Attorneys want records in unrelated case to keep class action moving
Too bad there wasn't a button on your computer: "No lawyers today, please." They're like a force of nature!
Too bad there wasn't a button on your computer: "No lawyers today, please." They're like a force of nature!
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