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6/16/2008 4:00:00 PM Write a Letter to the Editor Write a letter to the Editor

IdleAire Can Proceed With Sale, Judge Rules

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.

(Click here for previous coverage.)

By Transport Topics

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