Performance Transportation Services Files Chapter 11
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utomobile transporter Performance Transportation Services said Wednesday it filed for Chapter 11 bankruptcy “in order to re-align its capital structure [and] resolve its operational issues.”

ayne, Mich.-based PTS, the No. 2 auto hauler behind Allied Industries, said it has received a commitment from a group of lenders led by Credit Suisse’s Cayman Islands Branch for up to $10 million in debtor-in-possession financing.

Allied also filed Chapter 11 bankruptcy, last August. (Click here for previous coverage.)

Upon approval by the bankruptcy court, the financing will help provide funding for PTS’ ongoing operations, the company said in a statement.

Performance Transportation Services — owned by Onex Corp., Norwest Equity Partners and Penske Truck Leasing Co. — is ranked No. 65 in the 2005 Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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