Summitt Trucking

Situation

Summitt Trucking LLC (Summitt) is a privately owned and operated asset-based Transportation and Logistics Company.  Located in Clarksville, IN, they service an array of nationally-recognized shippers in both the refrigerated and dry van commodities. Prior to GGG’s involvement, Summitt was operating under chapter 11 bankruptcy and facing financial and operational distress.

Action

In early 2011 Summitt engaged GGG to restructure the business to enable them to emerge from Bankruptcy.   Due to GGG’s hands-on involvement, the company was able to rebuild lender confidence in financial controls and forecasting, as well as prove that there was a viable business that would be able to provide creditors with a better recovery over time if it emerged from bankruptcy versus recognizing significant losses from liquidation.

Results

After nine months working with Summitt the company:

– Had an uncontested Plan of Reorganization at the date of Confirmation

– Generated positive cash during the restructuring in order pay creditors

– Emerged from bankruptcy with existing ownership and management

– Successfully replaced an aging fleet with newer equipment at a lower cost of
ownership

– Saved the jobs of many employees and drivers

Thanks to the support of the major lenders, hard work and dedication of the owners and employees, and loyal customers, Summitt continues to provide quality transportation services for the industry.

News

GGG and the work of Curt Friedberg were recognized by the Turnaround Management Association’s (TMA) Atlanta Chapter with the Small Company Turnaround of the Year Award in 2012.

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