A Message from the CEO

Discussion in 'New Century Transportation' started by Tg33, Jun 11, 2014.

  1. Tg33

    Tg33 New Member

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    New Century Transportation, Inc. Ceases Operations

    By Webteam11. June 2014

    Westampton, New Jersey, June 11, 2014 -- New Century Transportation, Inc. (“New Century” or “the Company”) today announced that the Company and its subsidiaries NorthWind Logistics, LLC and Western Freightways, LLC, will file a chapter 7 bankruptcy in the United States Bankruptcy Court for the District of New Jersey on June 11, 2014.

    New Century is a leading provider of national truckload and less-than truckload services throughout the United States and Canada. On January 28, 2014, New Century was ranked among the top 101 trucking companies for 2014 by Global Trade magazine, a leading transportation industry trade journal. New Century employees over 1,500 people, with many employees based in New Jersey and Colorado.

    New Century and its lenders diligently attempted to find solutions to deleverage the Company’s balance sheet; ultimately, however, a consensual agreement could not be reached. The Companies, in consultation with their legal and financial advisors, have determined that the best way to maximize value for the benefit of all creditors is to wind down the Companies in a bankruptcy proceeding.

    “First and foremost, it is with great sadness that we make this announcement.” said Terrence M. Gilbert, Chief Executive Officer of New Century. “This difficult decision follows a comprehensive strategic and financial review of the business. The Board of Directors has determined that the actions we are taking represent the best alternative under difficult circumstances.” He continued, “We are extremely grateful to all of our employees for their dedicated service to the Company. We are committed to treating those who are affected by these events with the respect and dignity they deserve and will support them as best we can in their transition.”
     
  2. Mr. Right

    Mr. Right Member

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    If you're so "grateful" and have "respect" for us, PAY us our 60 day severance. But your just the same POS you were at RDWY/YELLOW. Another company you ran into the ground. How much BONUS did you, Fitz, Mark and Jerry get? I'll bet Jefferies really took care of "the boys". You disgust me, hoping cancer is next portion on your plate.
     
  3. Unionlife

    Unionlife Member

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    Treating us with respect what a joke that is! Lying once again! Do us all a favor and the best thing you can do for us is pay us the money we are due and abide by federal law! Your lying just as much now as you did during the Teamster Issue and during your whole stay as CEO,! And that goes for your three cronies too!
     
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  4. Unionlife

    Unionlife Member

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    You make me sick!
     
  5. Jockey

    Jockey Member

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    Lets face it Terry G. and Mark O. were hired by Jefferies to close NCT....run the place into the ground and claim bankruptcy....Jefferies and stockholders now off the hook for 100's of millions of dollars in loans....its not personal, its just business
     
  6. Stan Smith

    Stan Smith Moderator

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    You all are in my prayers. Very sorry to hear of whats going on.
     
  7. sargetom

    sargetom Member

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    good point jockey...they never wanted NCT to succeed....drain it and bury it and write it off....
     
  8. Mr. Right

    Mr. Right Member

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    Alledgedly, there are SEC charges against the leaders of Jefferies for stock fraud/manipulation. Sounds like a quality organization.
     
  9. sargetom

    sargetom Member

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    thought this was a message from the CEO? not one of his lackey's
     
  10. Mr. Right

    Mr. Right Member

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    Gilbert had to have a lackey write it, He's not F'ing smart enough to construct sentences like that. That letter has lawyer written all over it. Neither is my namesake.
     

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