The company, which designs, installs and operates systems that provide heating, air conditioning, electric power, entertainment and communications services to the cabs of long-haul truckers, filed for Chapter 11 bankruptcy protection on May 12 in Wilmington, Del. The systems keep truckers from idling their engine while they are stopped at rest areas, and provide services such as wireless Internet and movies on demand.
IdleAire was forced to seek Chapter 11 bankruptcy protection due to a "severe liquidity shortfall," court papers said.
It has been widely reported recently that truckers are facing increasing financial stress due to high gas prices. In the beginning of May, truckers protested in Washington to open more U.S. fields for gas and oil drilling and to place a cap on the price of fuel.
Read more about IdleAire and its bankruptcy filing later Tuesday in TheDeal.com. - Jamie Mason
In Tuesday's largest bankruptcy filing, IdleAire Technologies Corp. has lined up $25 million in debtor-in-possession financing from Wells Fargo Bank NA to fund its operations until it can sell itself to IdleAire Acquisition Co. LLC for $10 million.
