IdleAire Ceasing Operations
IdleAire Inc., which provided stationary power for trucks to use at truck stops in lieu of idling, is ceasing operations Friday because it was unable to find a buyer for its assets, the Knoxville (Tenn.) News-Sentinel reported.
In a 2008 restructuring, its owners included owners include clients of Airlie Group, Kenmont Investments Management, SV Special Situations Fund, Whitebox Advisors, Wayzata Investment Partners and Wilfrid Aubrey LLC.
The closure will result in 315 layoffs, including 60 in Knoxville, where the company is headquartered, the News-Sentinel reported. IdleAire had been operating at 131 locations in 34 states.
In a statement, the company said it had “made great strides toward profitability in the midst of a very challenging operating environment. We believe IdleAire had strong growth potential and was well positioned to capitalize on the recovering economy [and] are very disappointed that the company is forced to cease operations at this juncture.”
By Transport Topics
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