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StarTrans, Inc. filed Chapter 11 in South Carolina on Oct. 5, 2009, listing a Holly Hill, South Carolina address, $1 million to $10 million in assets, $1 million to $10 million in liabilities, and 100 to 199 creditors. The largest listed unsecured or undersecured creditors included Navistar Financial at $2.1 million, Synovus Capital Finance at $440,220.78, PACCAR Financial at $373,643.59, Key Equipment Finance at $344,728.74, and DCFS USA at $312,429.12; Vice President Victor W. Thompson signed the petition and McCarthy Law Firm appeared as debtor’s counsel source filing.
The case was sale-driven from the outset. StarTrans pursued a sale to Trimac Dry Bulk Group with an aggregate purchase price initially described at $24,995,657, including cash, secured-lender payments, assumed debt and liabilities, and the value of renegotiated Navistar leases source filing. The court later approved a sale order for an estimated $24,711,180 purchase price covering non-cash assets such as tractors, bulk haulers, equipment, receivables, goodwill, service vehicles, and trailers, while returning some collateral to non-consenting secured creditors; the sale order record tied the transaction to preservation of going-concern value and roughly 370 jobs source filing.
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