IdleAire under new management

| 9/2/2008

Six investment management companies now own IdleAire Technologies Inc. after their $17.5 million bid was accepted on Friday, Aug. 29.

IdleAire filed for Chapter 11 bankruptcy in May 2008 after losing more than $93.4 million in 2007. In all, the company’s total net loss was more than $246 million since its inception.

According to an IdleAire press release announcing the acquisition, new owners include the following: Airlie Group, Kenmont Investments Management, SV Special Situations Fund, Whitebox Advisors, Wayzata Investment Partners and Wilfrid Aubrey, LLC.

“It’s a new company with new owners who are very optimistic about IdleAire’s prospects,” said John Calabrese of CRG Partners Group. CRG is providing “transitional management of the company while a search for a CEO is underway.”

IdleAire, a provider of shore-powered electrification services, is available at 131 truck stops and travel plazas in 34 states.