PODS moving containers part of bankruptcy filingBy Eric Anders • Mar 22nd, 2012 • Category: *RELOCATION NEWS UPDATES*, Mobile / Portable Storage, Self Service Moving and Storage
On March 19, 2012, moving container granddaddy Portable On Demand Storage (PODS) became part of a bankruptcy protection plan filed by Arcapita Bank, a $7.4 billion Bahraini investment firm in the United States Bankruptcy Court for the Southern District of New York.
In the news release announcing their court filing, Arcapita said it had more than $1 billion each in assets and liabilities.
PODS was founded in Clearwater, Florida in1998 by Peter Warhurst. Warhust invented the patented PODS do-it-yourself (DIY) moving and storage container and it's innovative PODZILLA hydraulic lift delivery system as a way to expand his family's local self storage business.
In February 2007, PODS was acquired by Atlanta-based Arcapita for $451.4 million.
In August 2009, PODS and St. Louis based moving industry giant UniGroup reached an agreement to share services. Under the agreement, PODS franchisees had access to the professional packing and loading services of United Van Lines and Mayflower Transit. Meanwhile customers of both well recognized national household carriers had access to PODS 138,000 portable DIY moving and storage containers in the U.S.
Arcapita is hoping to use American Chapter 11 protection bankruptcy laws to complete the restructuring of its debt. Chapter 11 of the U.S. Bankruptcy Code allows a company to continue operating its business and managing its assets in the ordinary course of business.
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