Express Freight Services to change hands in June

A Spokane man has agreed to buy the assets of Express Freight Services Inc., a Spokane-based delivery company under the supervision of the U.S. Bankruptcy Court, says Barry Davidson, the company's attorney.

Davidson says that Robert Brett, of Spokane, signed a sale agreement last month - one

"It's our anticipation that the sale will receive final approval in early June," Davidson says.

Express Freight, which is owned by Ronald R. Peterson, of Spokane, opened herein 1997 and employs 60 people, Davidson says. The company's main office is at 4004 E. Broadway. It also has offices in Pasco, Kent, and Moses Lake, Wash.

Express Freight provides businesses with nighttime deliveries, and its shipments include such time-sensitive materials as medical supplies and automotive parts, Davidson says.

"Our primary concern is for the welfare of the employees, and it's our expectation that (Brett) would retain them. The sale agreement also provides for uninterrupted delivery service."

The company has total liabilities of about $3 million, which are mostly tax-related, Davidson says. He adds that Express Freight has assets of roughly $1 million.

The bankruptcy filing says Express Freight has about 16 creditors and estimates that funds will be available for unsecured creditors. The company previously filed for Chapter 11 protection in 2002 and later reorganized.