A buyer for IdleAire?

| 5/16/2008

There may be a buyer for the bankrupt IdleAire according to the Knoxville, TN, News Sentinel.

The newspaper reported that the same day IdleAire officials filed for bankruptcy protection in Delaware, a new corporate name, "IdleAire Acquisition LLC," was reserved with the Delaware Division of Corporations.

An employee with the Division of Corporations told Land Line she could not disclose the name of the individual reserving the new corporate name.

The News Sentinel speculated that investors may already be in place who would take over the operation.

IdleAire offers hookups for heating and cooling and other amenities at truck stops around the country.

IdleAire filed for Chapter 11 bankruptcy on May 12. In a 2007 annual report submitted to the Securities and Exchange Commission, IdleAire officials stated the company had never made money and has amassed a total net loss of more than $246 million since it went into operation.

Despite its less-than-stellar financial performance, before filing bankruptcy IdleAire had been awarded more than $54 million in grants from federal, state and local agencies.