Evergreen Transportation files Chapter 11
Published 10:36 pm Wednesday, August 5, 2009
from staff reports
Evergreen Transportation Inc. announced Tuesday it has filed for reorganization under Chapter 11 in the U.S. Bankruptcy Court in Mobile — but will continue normal day-to-day operations.
Company officials said Evergreen Transportation plans to use the process to restructure its debt, resulting in a capital structure more suited to support its operations and restore its profitability.
The company has received credit approval for $5 million in debtor-in-possession financing from General Electric Credit Corporation.
David Wildberger, former president of Evergreen Transportation, has recently rejoined the company.
Walter Poole, former owner and founder of Evergreen Transportation, is working with the company as an advisor. The company is in talks with an investment group led by Poole.
Now, through this process, we are reorganizing our capital structure to become a more financially healthy company. We expect to emerge from this process as a stronger, more competitive, better-positioned company.”
Evergreen Transportation has filed a variety of customary first day motions with the Court in Alabama, which will help enable it to continue to conduct business as usual while it completes its restructuring.
Evergreen Transportation’s legal advisor is Silver, Voit & Thompson, P.C. and its financial advisor is Carriage Hill Partners Ltd.