Comcar gets $4.08 million bid for transportation and logistics assets

By Caroline Salls

Pittsburgh, Aug. 3 – Comcar Industries, Inc. and its CCC Transportation, LLC subsidiary entered into a $4.08 million stalking horse purchase agreement on Friday with Patriot Transportation Holding, Inc.’s wholly owned subsidiary, Florida Rock & Tank Lines, Inc. (FRTL), according to an 8-K filed Monday with the Securities and Exchange Commission.

FRTL has agreed to purchase some assets related to the Comcar debtors’ transportation and logistics business. FRTL said it expects to fund the purchase price with cash on hand.

The sale is subject to approval of the U.S. Bankruptcy Court for the District of Delaware at the conclusion of a court-supervised auction process, as well as to the receipt of third-party consents.

The purchase agreement may be terminated by either party if the closing has not occurred by Aug. 21, if an order has been entered prohibiting or enjoining the sale, upon a breach of the purchase agreement and upon the sellers’ closing of an alternative transaction.

Auburndale, Fla.-based Comcar Industries, through its subsidiaries, provides truck transportation and logistics services in the United States. The company filed for bankruptcy on May 16 under Chapter 11 case number 20-11120.

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