Olympic Holding Files Chapter 11: The parent...

Olympic Holding Files Chapter 11: The parent of P-I-E Nationwide Inc. has filed for Chapter 11 bankruptcy protection from its creditors. A spokesman said that, as a result of Olympia Holding Corp.’s bankruptcy petition, P-I-E would probably lay off some of its 7,000 employees. P-I-E is a sister company to Transcon, a Los Angeles trucking firm that is in Chapter 7 bankruptcy liquidation proceedings. The Transcon bankruptcy trustee has alleged that some of Transcon’s assets were wrongfully transferred to P-I-E, but P-I-E, based in Jacksonville, Fla., denies that. As a result of Olympia’s bankruptcy, P-I-E’s name was changed to P-I-E International, a company spokesman said.