Trism Files Chapter 11 Again; Krasner Out as President, CEO

Trism Inc. (TSMX), a transporter of secured materials, has filed for Chapter 11 bankruptcy protection on Tuesday, the same day it announced the Dec. 13 resignation of Thomas P. Krasner as president and chief executive officer.

The reorganization is the second in two years for the Kennesaw, Ga.-based company, which is ranked No. 53 on the 2000-2001 Transport Topics 100 list.

“Several factors led to the company's Chapter 11 filing, including high fuel costs for recent periods, difficulty in obtaining qualified drivers, industry-wide increases in insurance premiums and reduced shipping demand,” the company said in a release.

Trism, which specializes in hauling environmental and secured materials such as hazardous waste, explosives, military munitions and radioactive materials, said it expects to operate as debtor-in-possession and continue to conduct business as usual while it seeks to sell its assets.

The company has named Ralph S. Nelson as the new president and chief executive officer. Krasner will remain chairman of the board at Trism, the company told Transport Topics.

Nelson had been the company’s vice president and general counsel.

The board has also named Tom McGoldrick as vice president and chief financial officer.

Trism declared a $9 million loss in the third quarter on sales of $34.2 million. It has not been profitable for two years, Bloomberg reported.

In July, the company cut an unspecified number of jobs and stopped hauling general freight and hazardous waste. In August, Trism closed its Specialized Division, which carried heavy freight.

The company filed for bankruptcy protection in U.S. Bankruptcy Court for the Western District of Missouri. Trism has a large office in Joplin, Mo.

(Click here for the full press release about the reorganization.)

(Click here for the full press release about Krasner.)