Gainey Wins Court Approval for Reorganization Plan

Bankrupt trucking company Gainey Corp. won a battle to reorganize under bankruptcy law when a federal judge ruled it could use its cash to continue to fund its operations, the Grand Rapids (Mich.) Press reported.

The ruling came after the company secured an agreement with its creditors, who earlier had objected to such a move, the paper said.

Had the motion to use its cash not been approved, Gainey may have been forced to shut down and liquidate, the Press reported.

Gainey has about 2,300 employees and annual revenue of more than $400 million.

Gainey, which filed for bankruptcy in October, is ranked No. 64 in the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.