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Examples
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"Continuation of these plans via Cobra is not an option since Jevic no longer provides any group health plan to any employee," a human resources official wrote.
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Sun Capital Partners, a private-equity investor from Boca Raton, Florida, acquired Jevic in June 2006 with $101 million in secured bank financing.
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By May 2008, Jevic was in Chapter 11 where it soon liquidated.
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Sept. 22 Bloomberg -- CIT Group/Business Credit Inc. failed in its attempt to have a lawsuit dismissed in which creditors of Jevic Transportation Inc. alleged the lender received fraudulent transfers in financing a leveraged buyout of the trucker in 2006.
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Delanco, New Jersey-based Jevic filed schedules of assets and liabilities with the bankruptcy court showing assets of $75.7 million and debt of $66 million.
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Jevic was "almost immediately in default" on the CIT loan, according to the 30-page opinion by U.S. Bankruptcy Judge Brendan Linehan Shannon in Delaware on Sept. 15.
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The Chapter 11 case is In re Jevic Holding Corp., 08-11006, in the same court.
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Accomplishments: Jevic has scored 33 goals for the Vikings this season, including eight in the two games they played over the past week.
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When his son reaches college age, "we may pack everything up and leave again," Jevic says.
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The Jevic creditors are represented by Pachulski Stang Ziehl & Jones LLP.
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