IHS Chemical Week

People & Business :: People/Executives

Jevic Closes and Files for Bankruptcy; Workers Sue

12:35 PM MDT | May 26, 2008 | Esther D’Amico

Jevic Transportation (Delanco, NJ), owned by private equity firm Sun Capital Partners (Boca Raton, FL), abruptly discontinued operations last week, resulting in about 1,200 job cuts, and filed for bankruptcy protection. “The current high fuel costs, economic downturn, increasing insurance costs, and tightening credit markets have made this decision necessary,” David H. Gorman, president and CEO said in a May 19 letter to customers posted on the company’s Web site. The less-than-truckload carrier was then sued in a Delaware court on behalf of two...

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