NEMF Files Chapter 11 Bankruptcy
Elizabeth, N.J., Feb. 11, 2019 /PRNewswire/ – New England Motor Freight, Inc. (the “Company” or “NEMF”) today announced that the Company and ten related entities have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey in Newark on February 11, 2019. NEMF intends to use these proceedings 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.
Phoenix Management Services is serving as the Company’s financial and restructuring advisor.
Link to the NEMF website here.