In The News
IdleAire locations open and expected to remain open
KNOXVILLE, Tenn. — IdleAire locations are operating and serving customers and are expected to remain open and serving customers, the company said Friday.
Company officials also emphasized that IdleAire Technologies Corp. has filed for Chapter 11 reorganization, not for Chapter 7 liquidation, noting there was nothing in the company’s petition to the court indicating any plans for cessation of services.
IdleAire has secured a $25 million Debtor-in-Possession credit facility to provide funding for the company as it works through the Chapter 11 reorganization process, the company said. The Chapter 11 process will allow IdleAire the opportunity to restructure its debt and emerge under new ownership on a more financially solid foundation.
“A Chapter 11 filing is an unfortunate action,†said an unnamed company officials in a news release, “but it is necessary to restructure our debt and recapitalize the company to continue to serve professional long-haul drivers and trucking fleets across the country. We expect operations will continue as we go through this process and we expect to end up financially stronger than ever.â€
IdleAire has 131 locations in 34 states. The company’s Advanced Travel Center Electrification(R) (ATE) provides in-cab heating and air conditioning, electrical outlets and a range of communications and entertainment options to long-haul drivers at travel centers around the nation.