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MISSOULA, Mont. (AP) - A Missoula-based trucking firm planned to file for Chapter 11 bankruptcy protection, following similar filings by two subsidiaries.

Attorneys for Jim Palmer Trucking say the company will file for bankruptcy Friday in Butte. Two subsidiaries filed Thursday.

Lonnie Wallace, president of Jim Palmer Trucking, says they're trying to save the 44-year-old company, which has 425 employees.

He estimated the trucking firm and two equipment subsidiaries are delinquent on $1.5 million to $2 million in equipment loans and operating debts.

A leasing company filed a lawsuit against Jim Palmer and his three companies in late June, seeking payment on a lease for 60 refrigerated transport trailers, after the company failed to make payments in April and May.

Attorney Dennis Lind says soaring diesel fuel prices are the culprit.

Information from: Missoulian, [www.missoulian.com]

[Jumbo]

I thought I just read that they were being acquired by someone? I didn't know it was going to be the repo man.

[Double L]

The repo business is booming and will be booming for awhile now with the price of fuel and everything else going up.

[ohio joe]

PRIME INC WILL BUY UM!!!!! LOL!! :shock:

[golfhobo]

Originally Posted by Double L

The repo business is booming and will be booming for awhile now with the price of fuel and everything else going up.

Hey! Maybe, I should get a job "repo-ing" trucks! :lol:

Was sorry to hear this about Palmer. They were on my "list." By the time this crisis is over, my list may be much shorter! :roll:

[Ronin]

If and when this fiasco cools down I don't think many list worthy companies will be left!

[Mr. Ford95]

This is the only thing they can do if they want to stay afloat and is becoming more and more commonplace. Allows them to get the creditors off their back until they can get their finances fixed.

[zipy46]

Lonnie Wallace (of Jim Palmer Trucking)
said more than 900 trucking firms in the nation reportedly had gone out of business or declared bankruptcy by the end of the first quarter.

[Orangetxguy]

Damn...If that is the same "Lonnie Wallace" I knew as a kid...

[doc holliday]

Lonnie Wallace is a p.o.s in my opinion. I worked there for 6 months and busted my butt for them and they have been behind for a while. When I was there the charge accounts all went bye bye due to the lack of bill paying. I was brought to Missoula cause I was told on the qualcomm to run illegal and i had no choice but to do it. I said no and informed DOT and then told Lonnie they must be stupid for putting that on the qualcomm then I got the bus ticket home. They paid for everything of mine to be shipped via Con-Way to the house, gave me all my owed pay via comcheck and paid my bus ticket so that was nice. I have a job where I am home every week and average a $950 a week paycheck so I guess it all worked out, but Lonnie has been running Palmer into the ground and I hope it goes away.