Plan of Reorganization Approved for F.T. Silfies and Price Trucking
Baltimore - On November 19, 2009, U.S. Bankruptcy Judge Nancy Alquist confirmed the Chapter 11 plan of reorganization for F.T. Silfies and Price Trucking. The companies sought bankruptcy protection in March of this year, and Judge Alquist commended the WTP team that represented the companies for efficiency and expertise in quarterbacking a "model" Chapter 11 case from wire to wire.
F.T. Silfies, Inc. is a Pennsylvania corporation that was founded in 1946 and has since grown to become a leader in the bulk cement transportation industry on the East Coast. Price Trucking, Inc. is a Maryland-based and family-owned trucking company that was acquired in August 2006 by Silfies. Price is headquartered in Aberdeen, Maryland.
Together, the companies specialize in transporting bulk cement and lime, both critical components for the concrete used in construction. They also transport related bulk commodities such as sand, fly ash and newcem, as well as bag cement, brick, block and numerous other construction materials. The companies currently employ approximately 170 employees and are the mid-Atlantic region's leading transporters of cement and other bulk materials.
The companies' bankruptcy filings were precipitated by the current economic recession which has been particularly focused in the construction industry. With their successful emergence from bankruptcy, the companies are poised to remain the leading transporters of cement and related construction materials in the region.
The WTP team consisted of Brent Strickland, Dan Vorsteg and Cary Chasney.
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