Articles tagged with: transportation and logistics

Velocity Express Bankruptcy – Debtors, Petitions, Background Information

Velocity Express Corporation (“Velocity Express”) and 12 affiliated entities (“Debtors”) filed petitions on September 24, 2009 in the Bankruptcy Court for the District of Delaware for relief under Chapter 11 of Title 11 of the United States Code.  The Debtors have moved for joint administration of the Debtors’ cases under case number 09-13294.  The Debtors’ petitions and the first day motions are supported by the declaration of Vincent A. Wasik, Chief Executive Officer (the “Wasik Declaration”).  The Wasik Declaration clearly identifies the direction of the bankruptcy – the immediate rejection of facility leases and a quick 363 sale.