Performance Transportation cancels auction, asset sale hearing

By Caroline Salls

Pittsburgh, March 12 - Performance Transportation Services, Inc. has cancelled the auction and sale hearing related to the sale of substantially all of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The auction was scheduled for March 14, and the sale hearing was set for March 18.

The company said it received proposals from interested buyers, but it did not receive two qualified bids before the March 11 bid deadline.

Performance Transportation Services, a Detroit-based transporter of new automobiles, sport utility vehicles and light trucks, filed for bankruptcy on Nov. 19. Its Chapter 11 case number is 07-04746.

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