Ailing P-I-E International, which has a terminal in the Town of Tonawanda, plans to shut down the nationwide trucking corporation within three weeks and begin liquidating assets.
U.S. Bankruptcy Judge George L. Proctor approved the plan in a brief hearing after P-I-E's attorney said a weak national economy and less-than-projected revenues over the last five weeks made the outlook bleak.
P-I-E has been struggling since it and parent Olympia Holding Corp. filed for Chapter 11 bankruptcy reorganization two months ago, listing debts of $237 million and assets of $169 million.
Under the court-approved liquidation plan, the company would continue to operate under Chapter 11 during the two to three weeks it takes to deliver the remaining freight in its warehouses. Then a court-appointed trustee, scheduled to be named by Proctor on Dec. 29, will supervise the liquidation of the company's assets.