Chapter 11 filing for a trucking company results in 47 local layoffs
The Chapter 11 bankruptcy filing by a New Jersey-based trucking company will result in 47 jobs being lost in the Rochester area.
That’s according to a required ‘WARN’ notice filed with the NYS Labor Department.
New England Motor Freight filed for Chapter 11 in early February. A statement from the company says it plans to use the bankruptcy filing to “facilitate an orderly wind-down of its operations.”
Vincent Colistra, a Senior Managing Director with Phoenix Management Services, Inc., and Chief Restructuring Officer for the Company, said, “We have worked hard to explore options for New England Motor Freight, but the macro-economic factors confronting this industry are significant.
Upon the recommendation of its advisors, the Company has determined that a Chapter 11 proceeding is the best mechanism to maximize the value of its assets for the benefit of its employees and various creditor constituencies.
A total of 518 employees of New England Motor Freight are impacted by the bankruptcy filing across New York State.
Syracuse.comhas reported that Paul McCartney’s wife, Nancy Shevell is the daughter of the company’s owner and a vice president of the company. The paper says the former Beatle visited the company’s terminal in suburban Syracuse in 2012.