IdleAire Technologies Corp., which designs anti-idling systems for long-haul trucks at truck stops, can proceed with a proposed sale without an investigation, a judge ruled, Bloomberg reported Monday.
In a hearing Friday, U.S. Bankruptcy Judge Kevin Gross denied a U.S. Trustee’s request for an examiner to probe the planned sale, Bloomberg said.
A July 3 auction will be held if IdleAire receives more than one qualified bid, Bloomberg reported.
Knoxville, Tenn.-based IdleAire, which was founded in 2000, listed debt of $303.6 million and assets of $210.9 million as of Dec. 31, according to court papers, Bloomberg said.
Its net loss grew to $93.4 million last year, from $60 million in 2006, while revenue more than doubled to $37.2 million in 2007, from $14 million a year earlier.
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