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There's A Tough Road Ahead For This Hauler

Tribune photo by JASON BEHNKEN

Jeffrey Peters, owner of Split Second Towing & Transport, hopes to restructure his debt, which is about $1.1 million, and unload four of his trucks while in bankruptcy.

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By MICHAEL SASSO | The Tampa Tribune

Published: November 28, 2008

Name: Jeffrey Peters

Business:Split Second Towing & Transport, 9303 Stannum St., Tampa

Filed Chapter 11 bankruptcy in July

Owners of towing companies aren't the most sympathetic figures, hauling away and impounding illegally parked vehicles as they do.

But Jeffrey Peters said this accounts for only about 5 percent of his business. Split Second mainly moves heavy equipment for contractors, and that's a business hit hard by the one-two punch of falling home construction and, until recently, rising fuel prices.

Fuel costs for his 14 trucks doubled when diesel prices hit $3 a gallon.

"We went from $200 fill-ups to $400 fill-ups overnight," Peters said.

Meanwhile, he had less money coming in to pay off the trucks, many of which were leased or purchased with loans. He said he tried to pass along the higher fuel costs to customers, but he began losing clients.

Peters, 36, filed for Chapter 11 bankruptcy in July. He hopes to restructure his debt, which is about $1.1 million, and unload four of his trucks in bankruptcy.

He is still in business and has no intention of filing Chapter 7 bankruptcy, which means liquidating his company. Last week, his company was preparing to drive to Texas to pick up two pieces of equipment used in hurricane cleanup.

"We're looking to trim off the fat," Peters said.

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