TransCom Files for Bankruptcy

May 9, 2001
Truck-parts conglomerate Transportation Components Inc. (TransCom), which operates as TransCom USA, and all its U.S. subsidiaries have voluntarily filed to reorganize under Chapter 11 bankruptcy protection. TransCom said the filing will enable it to continue to operate its businesses, using their own internally generated cash and the proceeds of debtors in possession financing being arranged with
Truck-parts conglomerate Transportation Components Inc. (TransCom), which operates as TransCom USA, and all its U.S. subsidiaries have voluntarily filed to reorganize under Chapter 11 bankruptcy protection.

TransCom said the filing will enable it to continue to operate its businesses, using their own internally generated cash and the proceeds of debtors in possession financing being arranged with the company's bank group. TransCom’s Canadian subsidiary, Wes-T-Rans, and its Amparts operations in Mexico, are not included in the filings.

TransCom cited a prolonged industry slump, declining sales, acute liquidity problems and a heavy debt load as factors prompting the need to reorganize.

TransCom’s board of directors has hired the New York-based bankruptcy consulting firm Bridge Associates LLC. TransCom’s shares stopped trading on the New York Stock Exchange on April 12, after the company failed to comply with the exchange’s minimum continued listing requirements.

TransCom also announced that T. Michael Young has resigned as the company’s president and CEO. Young will remain a director and continue as chairman of TransCom.

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Sponsored Recommendations

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

How to Choose the Right Route Planning Solution

This free buyer's guide will help equip you with the knowledge and insights needed to analyze route planning software and vendors in the market and, ultimately, make an informed...

How to Put Your Trucking Data to Work

How fleets can overcome data overload to optimize operations and get ahead.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!