IdleAire Technologies Corp.

IdleAire is the leading provider of comprehensive in-cab idle-reduction services to the heavy-duty trucking industry and long-haul truck drivers. Specifically, IdleAire has designed, and installs and operates "clean and green" systems that provide filtered and UVC-treated HVAC services, electric power, Internet access, satellite television, movies-on-demand, telephone, and remote delivery of computer-based driver safety and training courses. Owners and drivers of long-haul diesel trucks with sleeper cabs represent its primary market given United States Department of Transportation ("DOT") mandated rest periods for long-haul drivers of 10 hours for every 11 hours on the road.

Initially funded through private equity placements in excess of $100 million, IdleAire expanded to more than 100 travel centers nationwide through more than $25 million government grants and $320 million of secured notes. Despite over $450 million invested in research, development and network expansion, IdleAire had not yet reached cash flow “break even” and faced a serious liquidity shortfall in early 2008 after the capital markets were not willing to invest additional junior debt or equity.

Faced with no alternative, a subset of the senior noteholders (the "Buying Group") agreed to fund a bankruptcy 363 sale process, and acted as a stalking-horse bidder in an amount approximating the amount of debtor-in-possession financing they provided ($10 million plus the assumption of certain liabilities).

After the termination of the Company's former financial advisor, Gordian was hired after the bankruptcy filing to spearhead a sale process.

In a fast-track effort, Gordian, from a "standing start" conducted a comprehensive sale process in which it contacted more than 125 potential investors with respect to the acquisition or financing of IdleAire. In the face of initiating a sale process conducted by IdleAire within a very compact time frame, as well as the substantial overhanging threat to would-be buyers of a credit bid well in excess of any reasonable view of value, Gordian nonetheless was able to generate a Qualifying Bid from a third party.

In turn, that allowed for an auction to be conducted and provided for dramatically improved results for the estate, including a seventy-five percent (75%) increase in the Stalkinghorse cash purchase price, the ability of non-participating senior noteholders to achieve a recovery and the agreement to offer employment to almost all IdleAire employees (and saving approximately 1,200 jobs in the process).