Comcar Industries has filed for court supervised bankruptcy protection and plans to liquidate by selling off its five trucking companies.
In terms of size, the company employs about 4500 folks and has 4,000 trucks. That would make it larger in size than Celadon’s bankruptcy.
Three company buyers have been disclosed. Flatbed hauler CT Transportation will be acquired by PS Logistics. Chemical carrier CTL Transportation will be acquired by Service Transport Inc. And MCT Transportation will be sold to White Willow Holdings, a private equity firm.
In a prepared statement, the company said it decided to file for bankruptcy protection “to better enable us to find homes for our customers, people, and assets.” The statement also said the individual companies will continue to operate during the bankruptcy process.
This is just another sad turn of events for the company as last year newly-appointed CEO Randy Clark died unexpectedly in April.