Rocor International, OK-based motor carrier that filed for Chapter 11 bankruptcy protection in August, has been sold to Prime Inc. The sale of Rocor to the Springfield, MO-based motor carrier was finalized on Oct. 18. No terms were disclosed.
While Prime bought the assets, which include people, equipment and business, it did not purchase any liabilities, which included a legal action initiated by OOIDA and some members. Prime, incidentally, is currently involved in its own legal battle with OOIDA.
The association's president, Jim Johnston, says OOIDA fully plans to move forward with the suits. Both cases allege truth-in-leasing violations.
Nicholas Franke, Chapter 11 counsel for Rocor, told the Springfield News-Leader that once the sale is complete, "the company will not be operating as a Rocor entity." Franke said Prime will have a lease on Rocor's Oklahoma City terminal when the sale closes.