ALTERMAN TRANSPORT LINES ANNOUNCES LIQUIDATION PLAN

By: Bubbajunk.com

OPA LOCKA, FLORIDA-December 4, 2002-Alterman Transport Lines, Inc. a Florida based LTL trucking company, announced today that it plans an orderly liquidation of its operations and notified its employees of its plan to cease operations on February 3, 2003.

 

The Company was founded in Miami, Florida in 1938 by Sidney Alterman, who passed away in 2000, and grew to become a nationwide refrigerated motor carrier that specializes in the transport of perishable foodstuffs in less than truckload quantities throughout the United States.  It operates 14 terminals nationwide including 7 in Florida.  Approximately 900 dedicated employees, 200 of whom are from Miami-Dade County, will be affected.

 

The Company had sustained operating losses over the past several years, and had recently been actively engaged in seeking a buyer for the assets of the business.  All alternatives were carefully examined and liquidation appeared to be the most viable strategic course.

 

Rick Alterman, President, stated, The long-term prognosis for the trucking industry, and Alterman in particular, is not favorable, and after careful study I believed it was in the best interest of the Companys shareholders to divest itself of its holdings.  The hardest part of the decision has been the discharge of so many hard working, loyal, and committed employees.  Some of my co-workers had been with the Company for over 40 years and it was very difficult facing them and giving them the news.  He also stated that he felt lucky to have been able to work side by side with them for many years.

 

The Company plans to liquidate its assets in an orderly manner.  Altermans primary assets are found in their real estate holdings and operating equipment.  The Company will develop a plan to market the real estate and plans to auction its trucks and related equipment in February at its Charlotte, Tampa and Opa Locka (Miami) terminal facilities.  They have engaged Taylor and Martin to conduct the auction.

 

The Company is in the process of notifying its customers of its decision and assuring them that the current deliveries will be completed on schedule.  Mr. Alterman noted that the Company is committed to delivering all of the freight in its system to their agreed destination.  In addition, he plans to assist them to find new carriers as much as possible.

 

The Company started with one truck, 64 years ago and grew into a fleet of over 600 tractors and 1000 trailers.  Sidney Alterman was one of truckings pioneers especially in the refrigerated segment of the industry.  Rick Alterman related that the family struggled with the decision to break up an enterprise that his father spent over 60 years to build.  He stated, We had little choice.  The average trucking company earns about 2 cents on the dollar and when the economy is stagnate then so is trucking.  Mr. Alterman was concerned about the health of the economy and the timing of a recovery.

 

Mr. Alterman also wanted to thank all its customers for their support and business and indicated that is was sad to end many long-term relationships.