Arctic Express reorganization plan approved
Nov 8, 2004 11:02 AM, from staff and wire reports
A reorganization plan for Hilliard OH-based Arctic Express Inc has been approved by a bankruptcy judge. As part of the plan, Richard Durst, president and chief executive officer of Arctic, will retain sole ownership of the truckload refrigerated carrier.
Arctic has almost 300 drivers, and its sales revenue totaled about $61 million in 2003.
In 1997, the Owner Operator Independent Driver Association (OOIDA) sued the firm for withholding money drivers were required to place in an escrow account for repairs. In 2001, a United States District Court ruled that Arctic owed the drivers $5.5 million. The company and its affiliate D&A Associates Ltd filed for Chapter 11 in October 2003.
A lawsuit settlement reached in July 2004 lets drivers receive $900,000 over four years.
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