Performance Transportation Services Emerges From Chapter 11

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Automobile carrier Performance Transportation Services said late Monday it emerged from its voluntary Chapter 11 bankruptcy proceeding.The company’s reorganization plan was confirmed on Dec. 21, less than a year after it and its subsidiaries filed Chapter 11 bankruptcy protection in New York.The Yucaipa Companies LLC, which holds the majority of the company's debt, will receive new common stock, PTS said.The terms of the plan call for secured creditors to be fully repaid in cash and shares, the company said.Performance is ranked No. 66 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers and is the third-largest auto carrier.