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TRUCKING INDUSTRY NEWS * USA
* Gainey Corp. gets judge's OK to continue trucking
Grand Rapids,MI,USA -MLive/The Grand Rapids Press, by Chris Knape -January 8, 2009: -- Bankrupt trucking giant Gainey Corp. won a major battle in its quest to reorganize today when a federal judge agreed to allow the company to continue using its cash to fund operations... The ruling by Judge James Gregg came after what he called a surprising agreement by the company's creditors, who earlier had objected to such a move... The deal gives Gainey use of its cash until May 29, which should be long enough for it to present and begin implementing a reorganization plan under Chapter 11 of the U.S. bankruptcy code. The company's Chapter 11 plan is expected to be filed by March 31...
Labels: trucking industry news USA
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