Press release reached us recently announcing that Heartland Automotive Services, Inc. has emerged from bankruptcy after the U.S. Bankruptcy Court for the Northern District of Texas approved the company’s plan or reorganization.
Under the plan, HAS will remain a Jiffy Lube franchisee and will enter a new exclusive deal with Shell Oil Products US (SOPUS) and its Pennzoil brand to distribute products.
At the time of the initial bankruptcy filing in January 2008, HAS operated 438 Jiffy Lube facilities. As of the filing of the company’s reorganization plan in December, HAS operated 397 facilities.
We’ll have more in-depth coverage of the bankruptcy resolution in an upcoming issue of NOLN.