Refrigerated carrier Jim Palmer Trucking and its two subsidiaries, Jim Palmer Equipment and Jim Palmer Equipment II, have filed for Chapter 11 bankruptcy protection in United States Bankruptcy Court.
"Like the rest of the transportation industry, JPT has struggled with soaring and unrelenting diesel fuel prices since the beginning of the year," said a statement on the company’s website. "There will continue to be a monumental effort to ensure the survival of the company and its affiliates through the bankruptcy courts workout plans.
"The protection offered to us through this filing will allow JPT the time to reorganize and emerge as a leaner and stronger organization. As we move through this process, we will continue normal day-to-day operations.
"In addition," the statement said, "the entire fleet will be analyzed to determine which trucks can be replaced with more fuel-efficient equipment."
Possible workout plans include negotiating leases on existing trucks and trailers with creditors, paying existing debt over a longer period of time with lower interest, or attracting new capital to purchase newer, more efficient equipment.
