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TRUCKING INDUSTRY NEWS * USA - Gainey still trucking after interim decision
Grand Rapids,Mich,USA -WOODTV, by Patrick Center -Oct 10, 2008: -- The Gainey Corporation was ordered to put $1 million per month into an account in an effort to make good on $238 million in defaulted loans... The order is a reprieve for Gainey, and an opportunity to stay in business and pay back the money to Wachovia. The motion to appoint a receiver for the company was denied.
Wachovia itself was just purchased by Wells Fargo. As Judge Donald Johnston said, "Gainey isn't the only ship that's sinking. Wachovia is being buffeted on the seas as well"... If Gainey doesn't put the money in each month, the court will post a bond in that amount, giving Wachovia some protection...
* UPS Freight announces more transit time improvements
Richmond,VA,USA -Logistics Management, by Jeff Berman -10 Oct 2008: -- UPS Freight, the less-than-truckload (LTL) subsidiary of UPS, said this week it has improved transit times on more than 1,900 traffic lanes in eight western states. This represents the final phase of UPS’ 2008 network enhancements, according to a company statement...
Labels: trucking industry news USA
posted by Unknown @ 1:39 AM
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