• ITVI.USA
    16,926.180
    477.820
    2.9%
  • OTRI.USA
    28.200
    -0.120
    -0.4%
  • OTVI.USA
    16,895.230
    487.410
    3%
  • TLT.USA
    2.900
    0.130
    4.7%
  • TSTOPVRPM.ATLPHL
    2.630
    0.060
    2.3%
  • TSTOPVRPM.PHLCHI
    1.630
    -0.090
    -5.2%
  • TSTOPVRPM.CHIATL
    3.080
    -0.090
    -2.8%
  • TSTOPVRPM.DALLAX
    1.180
    -0.060
    -4.8%
  • TSTOPVRPM.LAXSEA
    3.360
    0.070
    2.1%
  • TSTOPVRPM.LAXDAL
    3.210
    -0.070
    -2.1%
  • WAIT.USA
    121.000
    1.000
    0.8%
  • ITVI.USA
    16,926.180
    477.820
    2.9%
  • OTRI.USA
    28.200
    -0.120
    -0.4%
  • OTVI.USA
    16,895.230
    487.410
    3%
  • TLT.USA
    2.900
    0.130
    4.7%
  • TSTOPVRPM.ATLPHL
    2.630
    0.060
    2.3%
  • TSTOPVRPM.PHLCHI
    1.630
    -0.090
    -5.2%
  • TSTOPVRPM.CHIATL
    3.080
    -0.090
    -2.8%
  • TSTOPVRPM.DALLAX
    1.180
    -0.060
    -4.8%
  • TSTOPVRPM.LAXSEA
    3.360
    0.070
    2.1%
  • TSTOPVRPM.LAXDAL
    3.210
    -0.070
    -2.1%
  • WAIT.USA
    121.000
    1.000
    0.8%
BusinessFinanceLayoffs and BankruptciesNewsTrucking

TFI subsidiary Bulk wins bidding for flatbed hauler CT Transportation

The bidding frenzy at the end of last week for the sale of flatbed hauler CT Transportation by Comcar ended up with Bulk Transport Company East winning the battle.

Bulk, a TFI subsidiary, put in a late bid on June 18 for $15 million. Documents filed with the federal Bankruptcy Court in Delaware early on June 23 show that the bid turned out to be the winner, knocking out PS Logistics. PS Logistics had been announced as the buyer of CT Transportation when Comcar first announced it had filed for Chapter 11 bankruptcy protection in mid-May. 

The documents are court orders and sales transaction documents. They say nothing of the fact that PS Logistics had a lower bid, except for one filing that is a sales transaction document with references to PS – through P&S Acquisition LLC – crossed out and Bulk Transport submitted in its place.

The section for purchase price in the document reveals just how frenzied the bidding for CT Transportation was. The original price to be paid by PS Logistics was $8.7 million. The final price was $15 million, and that topped by $1 million the final bid submitted by PS on the  evening of June 18. Bulk Transportation’s final bid was submitted after 10 p.m. that day.

According to the document, closing is to be Thursday, June 25.

The back-and-forth bidding took place almost all last week, with the bids going through Bluejay Advisors, hired by Comcar to handle that portion of its Chapter 11 proceedings. Comments made by TFI, the parent of Bulk Transport, in various documents suggested Bluejay resisted the entreaties of TFI. But ultimately, it prevailed in the contest. 

According to the Federal Motor Carrier Safety Administration (FMCSA) profile of Bulk Transport Company East – along with information from its web page – the company is a tank carrier. CT is a flatbed carrier. The FMCSA document reports Bulk Transport has 204 total drivers, 189 of them interstate. It has 180 tractors. 

For more articles by John Kingston, please go here.

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John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.
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