Jevic Files for Bankruptcy Following Closure Notice

A day after it announced it would fold its business operations, Jevic Transportation has filed for Chapter 11 bankruptcy protection, Bloomberg reported Tuesday.

The Delanco, N.J., company listed both debt and assets of $50 million to $100 million in Chapter 11 documents filed Tuesday in U.S. Bankruptcy Court in Wilmington, Del., Bloomberg said.

Jevic, which has truckload and less-than-truckload operations, said in the court papers that it has terminated about 90% of its 1,500 employees, Bloomberg reported.

Jevic, which has about 1,000 trucks, was acquired in 2006 by private equity firm Sun Capital Partners from Saia Inc. for $40 million.

YRC Worldwide spun off Jevic and Saia as SCS Transportation in 2002. SCS then took the Saia name after selling off Jevic.

The company estimates that funds will be available to the 20 largest unsecured creditors, which are owed $4.9 million. T-Chek Systems is owed the most, at $1.5 million, Bloomberg said.

Jevic was ranked No. 71 on the 2007 Transport Topics 100 listing of U.S. and Canadian for-hire carriers.