News about Bankruptcy - December 24, 2010

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USA Dry Van Logistics Company formally emerged from bankruptcy protection on November 30. Most of its 600 employees kept their jobs. The logistics company, which was started in 2000, kept up with its operations throughout the bankruptcy and was able to weather the storm. The company’s business is primarily focused on moving cargo shipments between the US, all over Canada and Mexico.

When the company filed for bankruptcy in February this year, its creditors including General Electric Capital Corp and CapitalOne decided to keep the company intact and not break it apart and sell it in pieces. But one strategy the company employed was to restructure its business which included revamping the management staff.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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