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Reorganization Plan * USA - Trucking giant Gainey files one
Trucking giant Gainey Corp. would emerge from bankruptcy, free from crippling debt, with a new investor and creditors getting about 40 cents for every dollar they are owed
Grand Rapids,MI,USA -The Grand Rapids Press, by Chris Knape -June 10, 2009: -- That's the crux of a reorganization plan a committee of creditors and Judge James Gregg will be mulling over in U.S. Bankruptcy Court in the coming weeks... Harvey Gainey, founder and chief executive of the trucking company, said he's hopeful the creditors will vote to accept the deal because it projects a larger return for them than simply liquidating Gainey's assets... Attorneys for the creditors declined to comment... Gainey Corp. filed for Chapter 11 bankruptcy protection in October, faced with more than $242 million in debt and its lead lender suing the company, seeking its liquidation... Gainey said the reorganization plan, filed last week, should save about 1,700 jobs at the trucking company... (Grand Rapids Press File Photo - A Gainey Trasportation Service Inc. driver watches a prospective driver for the company during the parking portion of a road test in 2002 at the company's facility on Clay Avenue SW)Labels: trucking bankruptcy
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