Rocor files bankruptcy

| Friday, August 09, 2002

Rocor International Inc. has filed a request for reorganization protection in the U.S. Bankruptcy Court in Oklahoma City. The company, specializing in transporting refrigerated freight, cites economic issues.

Rocor has downsized over the past three years from about 2,400 trucks and drivers to 850 trucks and 1,100 trailers. Since 1998, the company has been embroiled in two separate class actions filed by the Owner-Operator Independent Drivers Association alleging illegal leasing practices.

"A lot of drivers have suffered at the hands of companies who willfully violate the federal truth-in-leasing regulations," OOIDA President Jim Johnston said Tuesday. "OOIDA has no intention of walking away from the Rocor litigation because of the bankruptcy filing."

Johnston said the association plans to evaluate all alternatives available to prevent Rocor, or its officers and directors, from escaping their obligations through the use of the bankruptcy courts.

According to an article in the Aug. 7 Oklahoman, records show the company has more than 1,000 creditors and debts of more than $100 million, $40 million of which is unsecured. Rocor's president, Bill Wiley, told the Oklahoman the company will continue to operate and is already looking at a potential buyer.
-- Sandi Soendker

Comments