145 in RI Impacted as Trucking Company Who Fought RI Truck Tolls Files for Bankruptcy
Tuesday, February 12, 2019
New England Motor Freight on Monday announced that the company and ten related entities have voluntarily filed Chapter 11 Bankruptcy. The company is a co-plaintiff in the lawsuit against Rhode Island's truck tolls.
"This is the largest carrier bankruptcy since 2002 and another blow to Pawtucket where it employed 145 people,” said Chris Maxwell of the Rhode Island Trucking Association.
Vincent Colistra, a Senior Managing Director with Phoenix Management Services, LLC , and Chief Restructuring Officer (“CRO”) for the Company, said, “We have worked hard to explore options for New England Motor Freight, but the macro-economic factors confronting this industry are significant. Following two years of losses, and with continuing and unsustainable rises in overhead as well as a severe industry shortage of drivers, we have concluded that the company has no choice but to proceed with an orderly wind-down of operations in a Chapter 11 proceeding.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe company says on its website, “NEMF stands out as one of the most financially stable regional carriers in the Northeast. We continually invest in upgrading our terminals and modernizing our fleet without resorting to onerous debt. Most importantly, NEMF is a family-owned, non-teamster carrier that can commit to a long-term partnership with you.”
The Company has determined that a Chapter 11 proceeding is the best mechanism to maximize the value of its assets for the benefit of its employees and various creditor constituencies.
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