It's official. Jack Cooper got Allied.
Read all about it here.
Friday, September 20, 2013
Tuesday, September 17, 2013
Allied Bankruptcy Part 2
According to Heavy Duty Trucking magazine's website, it looks like Allied assets will be going to Jack Cooper Transport if the court approves. They'll get no resistance from the Teamsters, who balked at the first bid by Black Diamond/Spectrum. The director of the Teamsters Carhaul Division, Roy Gross, liked that the auction got re-opened.
According to court documents filed on Friday, the winning bid was for $135 million. Supposedly, Allied has 4000 tractors and trailers. If they were ONLY buying the equipment, each truck would be about $33,750. Word on the street is that most of these are very old, but hopefully Jack Cooper can handle a little extra maintenance and refurb.But of course, it's not just the trucks, is it? It's also all those nice Ford F-150s and Focuses (Foci?) and Fusions that need to be transported to all corners of the country.
With Delavan closing up their shop in New York, I wondered how long Allied would be able to keep their fleet going. Last few years Delavan was going, it seemed they were kept quite busy refurbishing the old Allied trucks.
While scouring the Internet for more info on the Allied bankruptcy, I stumbled across this press release from the Teamsters from last year, challenging Allied's attempt to pay $4.6 million in bonuses and $6 million in severance pay to some of their executives in the middle of a bankruptcy proceeding. Read all about it here.
According to court documents filed on Friday, the winning bid was for $135 million. Supposedly, Allied has 4000 tractors and trailers. If they were ONLY buying the equipment, each truck would be about $33,750. Word on the street is that most of these are very old, but hopefully Jack Cooper can handle a little extra maintenance and refurb.But of course, it's not just the trucks, is it? It's also all those nice Ford F-150s and Focuses (Foci?) and Fusions that need to be transported to all corners of the country.
With Delavan closing up their shop in New York, I wondered how long Allied would be able to keep their fleet going. Last few years Delavan was going, it seemed they were kept quite busy refurbishing the old Allied trucks.
While scouring the Internet for more info on the Allied bankruptcy, I stumbled across this press release from the Teamsters from last year, challenging Allied's attempt to pay $4.6 million in bonuses and $6 million in severance pay to some of their executives in the middle of a bankruptcy proceeding. Read all about it here.
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