IdleAire Re-Forms with New Ownership

IdleAire Inc., comprised of six investment management companies, said Monday it now owns essentially all of the bankrupt IdleAire Technologies Corp.’s assets with the official closing late Friday on their successful $17.5 million bid submitted earlier this year.

IdleAire provides stationary power for trucks to use at truck stops in lieu of idling. Its owners include clients of Airlie Group, Kenmont Investments Management, SV Special Situations Fund, Whitebox Advisors, Wayzata Investment Partners and Wilfrid Aubrey LLC.

Together, these groups manage several billions of dollars in investments, and have participated in numerous restructurings and turnarounds, including that of Knoxville-based Regal Cinemas, the company said in a statement.

“It’s a new company with new owners who are very optimistic about IdleAire’s prospects,” said John Calabrese, a partner with the turnaround specialist firm CRG Partners Group.

Calabrese and Stephen Gray, a managing partner of CRG, are providing transitional management of the company while a search for a chief executive officer is under way. They have 40 years of management experience between them.

“We believe the new owners’ support and enthusiasm for this company, coupled with their experience and resources, will re-energize what is a fundamentally sound concept,” said Calabrese. “IdleAire has amazing growth potential and is positioned to be a world class company.”