Evergreen Files for Chapter 11 Bankruptcy

Evergreen Transportation has filed for Chapter 11 bankruptcy protection, the truckload carrier said in a statement on its Web site.

The Evergreen, Ala.-based carrier said it “plans to use this process to restructure its debt, resulting in a capital structure more suited to support its operations and restore its profitability” and that it will continue operations without interruption.

Evergreen operates in the eastern and southeastern United States. It has five major fleet divisions including dry bulk, van, flatbed, chip, and dump.

The company has about 420 tractors and 700 trailers, according to American Trucking Associations fleet data.

It has received credit approval for $5 million in debtor-in-possession financing from General Electric Credit Corp., and pending court approval plans to use the money to fund operations and fulfill its obligations to employees, customers and vendors.

Former president David Wildberger recently rejoined the company and Walter Poole, the company’s founder and former owner, is working with the company as an advisor. Evergreen said it is in talks with an investment group led by Poole, which it plans to continue during the reorganization process.