Comcar Industries Inc., a Florida-based trucking company backed by Pimco, has filed for bankruptcy protection with several deals in hand to sell some of its operations, WSJ Pro Bankruptcy reported. Fixed-income investment manager Pacific Investment Management Co. is both a lender to and a shareholder in Comcar, which filed a chapter 11 petition on Sunday in U.S. Bankruptcy Court in Wilmington, Del. The company, which employs about 700 drivers, has struck nearly $20 million worth of deals to sell some of its assets to P&S Transportation, Service Transport Co. and White Willow Holdings LLC. White Willow, an affiliate of investment firm Luminus Management LLC, earlier this year bought Taylor Express Inc. in the bankruptcy of truckload carrier Celadon Group Inc. The Comcar deals must be approved by the court. Comcar had $67 million in assets at the end of March and $86 million in liabilities, of which $65 million was owed to various lenders, Andrew Hinkelman, the company’s chief restructuring officer, said in a court filing. Its debts include about $25 million owed to Pimco under a term loan.
