| Related News • Midwest LTL Alvan goes under |
The auctions are being conducted by the auctioneers Ritchie Bros., which said both firms are subject to proceedings under Chapter 7 of the United States Bankruptcy Code and all remaining assets are being sold free and clear of liens and encumbrances.
PTS was the second-largest transporter of new automobiles, sport utility vehicles and light trucks in North America, and was based in Allen Park, Mich. Alvan was a family-owned Midwestern regional less-than-truckload motor carrier based in Kalamazoo, Mich.
More than 3,000 trucking companies have gone bankrupt in the past 18 months, but the demise of a mid-size carrier like Alvan and Jevic Transportation, the 71st-largest for-hire carrier in terms of revenue, in May underscore that the current economic doldrums are claiming victims other than just small mom-and-pop truckers. For more information on the auctions go to: www.rbauction.com/transportation.
