CohnReznick’s Clancy Named Liquidating Trustee for New England Motor Freight, et al.

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that it will continue its work on the New England Motor Freight, Inc. Chapter 11 case with Kevin Clancy, Global Director of the firm’s Restructuring and Dispute Resolution Practice, appointed as the Liquidating Trustee. Clancy’s appointment last month means that he and his team will oversee the wrap-up of New England Motor Freight’s case by monetizing the remaining assets and making distributions to trust beneficiaries.

Founded in 1918, and once one of the largest trucking companies in the Northeast, Elizabeth, New Jersey-based New England Motor Freight was a leader in the less-than-truckload (“LTL”) carrier segment. Through partnerships and business arrangements with other industry service providers, the company offered a broad range of transportation and logistics services, including warehousing, software, brokerage, and support, across the United States, Canada, and Puerto Rico.  In January of this year, a bankruptcy judge approved the company’s liquidation plan nearly a year after it had sought Chapter 11 protection. New England Motor Freight had previously sold off its fleet in what became the largest truck auction in U.S. history.

CohnReznick had previously served as a Financial Advisor to the official Committee of Unsecured Creditors. New England Motor Freight, along with ten affiliated entities, sought protection in U.S. Bankruptcy Court reporting aggregate assets of $100 million to $500 million and secured debts ranged from $50 million to $100 million.

“The New England Motor Freight bankruptcy and subsequent liquidation process has been extremely complicated with numerous secured creditors asserting claims against the company’s assets, said Clancy. “Through our experience working with distressed companies in the transportation/logistics industry, we could quickly understand the Debtors’ outlook and viability, develop alternative solutions for them, and recommend an appropriate course of action so that creditors would maximize overall recoveries while having their best interests protected.”

For its work on the New England Motor Freight Chapter 11 reorganization, CohnReznick was recognized with a Restructuring of the Year Award ($25-50 million) from M&A Advisor in its 14th Annual Turnaround Awards. Award winners were selected from over 240 nominees and judged by an independent panel of industry experts. Cohnreznick will receive its award during the publication’s annual awards event on March 18, 2020.

About CohnReznick

As a leading advisory, assurance, and tax firm, CohnReznick helps forward-thinking organizations achieve their vision by optimizing performance, maximizing value, and managing risk. Clients benefit from the right team with the right capabilities; proven processes customized to their individual needs; and leaders with vital industry knowledge and relationships. Headquartered in New York, NY with offices nationwide, the firm serves organizations around the world through its global subsidiaries and membership in Nexia International. For more information, visit www.cohnreznick.com.