New England Motor Freight Inc. is preparing a six-week process to sell off more than 1,000 semi-tractors and some 4,000 trailers in the largest bankruptcy auction of its kind, according to people orchestrating the sale, WSJ Pro Bankruptcy reported. NEMF, once one of the largest trucking companies in the Northeast, sought chapter 11 protection in February. Most of what remains of the company, which had been losing customers and lacked cash to refurbish its fleet, will be liquidated through the coming auction process. The first of nearly a dozen auctions will begin May 30, near Buffalo, N.Y. Taylor & Martin will then hold two auctions each week, with the final auction set to take place in Elizabeth, N.J., on July 10. In addition to the semi-tractors and trailers, nearly 1,000 pieces of miscellaneous equipment, including forklifts, salt spreaders and front-end loaders, also will be auctioned off. NEMF formerly operated out of 36 locations in 15 states, according to Chief Restructuring Officer Vincent Colistra. Since the company filed for bankruptcy, its trucking equipment has been consolidated into 11 locations in eight states, which was itself a daunting task, according to Tracy.
