Vincent Colistra, a Senior Managing Director with Phoenix Management Services, Inc., and Chief Restructuring Officer for the Company, said, “We have worked hard to explore options for New England Motor Freight, but the macro-economic factors confronting this industry are significant.
Upon the recommendation of its advisors, the Company has determined that a Chapter 11 proceeding is the best mechanism to maximize the value of its assets for the benefit of its employees and various creditor constituencies.
Phoenix Management Services is serving as the Company’s financial and restructuring advisor.
