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Their Was A buyer For Jevic.....

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localdriver

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On thursday May 15th there was a buyer in hand,, The deal was a 60 day change of possesion, Jevic needed 7-8 million to stay afloat for 60 day's while the new buyer exzamined the books and took care of the nessesary legal matters. Jevic was making money we were moving freight!!! Sun Capital did not want to bridge a loan to keep jevic a float for 7-8 million.
the buyer who stepped up to try to buy and save this company was "Pitt-Ohio". With all the legal matters that will accrue, and all money spent closing facilities,retrieving equipment, back pay and monies, when it's all said and done with lawyers and suits,that 7-8 miilion would have been a deal.
This deal fell apart on may 15th at 5:30 in the afternoon.. "and you now the rest of the story". My thanks to the Owners of Pitt-Ohio, who tried to save this once mighty and great company and new the value of it's employee's and it's great reputation.
god bless the employees and thier families
"Live on"
 
I don't want to be in a position of defending them, but honestly its not that cut and dry. If I had to surmise, I would guess PO was waiting for the pinch point to make the deal happen to their best advantage. They were probably advised to wait until summer weather, when fuel prices would go up and the pressure to sell would increase more. They probably overestimated Jevics ability to withstand the evaluation period based on the rough numbers they were given. Had Sun footed the bill for the float time, PO would know they could hold them up on the final purchase negotiation for a better deal.
 
localdriver

I have heard from so many drivers that wanted to say good-bye and thanks for my help while at Jevic. I can't say enough about how professional Jevic drivers treated me. I will miss talking to them and again I say Thanks for your professionalism on the road. Without that I would not have a paycheck. I am so sorry for all the families affected through this. We were told everything is going to get better - fat lie. We were the Cheerleaders for Jevic - yeah telling all we are ok. Well we were lied to too! This happened to me at USF RedStar and now Jevic. I will miss most everyone. Good luck to all and may God lead your way!
 
yellow was also trying to buy jevic.but the powers that be did not want to show the books.which stopped the deal.this is what probobly what happened with pitt ohio also.thats if any of this is true.apparrently there was alot more going on than any of us knew.this comes from an investment firms arbitrator.still can be rumors and probably are
 
ps1018 said:
yellow was also trying to buy jevic.but the powers that be did not want to show the books.which stopped the deal.this is what probobly what happened with pitt ohio also.thats if any of this is true.apparrently there was alot more going on than any of us knew.this comes from an investment firms arbitrator.still can be rumors and probably are
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yellow owned jevic at one point also saia.
 
buyers?

In the grand scheme of things,does any of this info really matter? Probably not? As a 30+yr veteren of the truckin bus,I just have to add my two ce3nts worth. These proposed deals happen all the time,as a matter of course. All truckin companies presribe to the same business model,which is who can we buy out that will benifit us? Whether it be takeover of accounts,equipment,drivers doesn't matter. We are all just a small part of "the bottom line",nothing more,nothing less! Big Bird, infamous Jevic J1 agitator!!!
 
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