Comcar Industries, parent of five trucking companies, filed a Chapter 11 bankruptcy petition May 17 and announced plans to sell its five operating companies.
Comcar is headquartered in Auburn, near Pensacola.
Its Chapter 11 petition, filed in U.S. Bankruptcy Court in Delaware, lists a mailing address at its Jacksonville office at 8800 Baymeadows West Way.
The company said in a news release it has separate agreements to sell its CT Transportation LLC, CTL Transportation LLC and MCT Transportation LLC subsidiaries. It also has a letter of intent to sell its CCC and CTTS Repair businesses.
“Our decision to file Chapter 11 was to better enable us to find homes for our customers, people and assets,” the company said in the release.
“Prior to this decision, we worked diligently to find a solution that would reduce our debt, enhance our liquidity and best position all Comcar holdings for the future. After evaluating options to address our capital structure and conducting extensive negotiations, we determined that a sale of all companies would be the best path forward to maximize their value.”
It said the Chapter 11 filing allows the businesses to continue operating normally as they go through the sales process.
Comcar’s bankruptcy petition said it had $50 million to $100 million in both assets and liabilities.
A note on the company website says Comcar President and CEO Randy Clark died unexpectedly April 5.