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January 24, 2000 9:50 AM, EST

A truck leasing and sales company that has been in business for almost three decades filed for Chapter 11 bankruptcy protection Jan. 11, citing a failure to restructure its $310 million in secured debt.

But Wilmington, Ohio-based Bush Leasing said this is a genuine reorganization and not a prelude to going out of business.

O. Terrance Lee, a senior vice president at Bush, said the firm is trying to reorganize rather than liquidate.

“In any restructuring, there’s a phase of evaluating all the business units, the staffing and the [vehicle] portfolio — determining what’s best for our company and what is not,” he said. “So there will be some downsizing — there has to be — some reevaluating of the portfolio, and an overall look at the business.”

For the full story, see the Jan. 24 print edition of Transport Topics. .