The bidding frenzy at the end of last week for the sale of flatbed hauler CT Transportation by Comcar ended up with Bulk Transport Company East winning the battle.
Bulk, a TFI subsidiary, put in a late bid on June 18 for $15 million. Documents filed with the federal Bankruptcy Court in Delaware early on June 23 show that the bid turned out to be the winner, knocking out PS Logistics. PS Logistics had been announced as the buyer of CT Transportation when Comcar first announced it had filed for Chapter 11 bankruptcy protection in mid-May.
The documents are court orders and sales transaction documents. They say nothing of the fact that PS Logistics had a lower bid, except for one filing that is a sales transaction document with references to PS – through P&S Acquisition LLC – crossed out and Bulk Transport submitted in its place.
The section for purchase price in the document reveals just how frenzied the bidding for CT Transportation was. The original price to be paid by PS Logistics was $8.7 million. The final price was $15 million, and that topped by $1 million the final bid submitted by PS on the evening of June 18. Bulk Transportation’s final bid was submitted after 10 p.m. that day.
According to the document, closing is to be Thursday, June 25.
The back-and-forth bidding took place almost all last week, with the bids going through Bluejay Advisors, hired by Comcar to handle that portion of its Chapter 11 proceedings. Comments made by TFI, the parent of Bulk Transport, in various documents suggested Bluejay resisted the entreaties of TFI. But ultimately, it prevailed in the contest.
According to the Federal Motor Carrier Safety Administration (FMCSA) profile of Bulk Transport Company East – along with information from its web page – the company is a tank carrier. CT is a flatbed carrier. The FMCSA document reports Bulk Transport has 204 total drivers, 189 of them interstate. It has 180 tractors.