Bankrupt automobile hauler Performance Transportation Services (PTS) is hiring turnaround specialist Timothy Skillman as its chief restructuring officer, reporting directly to Jeff Cornish, president & CEO.
Skillman is a managing director with Alvarez & Marsal, LLC and specializes in developing and implementing turnaround strategies for retailers and manufacturing, distribution and financial services companies. He recently helped restructure General Motor’s Service Parts Operations distribution network.
PTS, which filed for Chapter 11 bankruptcy protection last year, is the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America. It operates three trucking lines: E and L Transport, Hadley Auto Transport and Leaseway Motorcar Transport, which together deliver approximately 3.8-million new cars and light trucks annually.