Judge Lets P.I.E. Use Cash: A federal...

Judge Lets P.I.E. Use Cash: A federal bankruptcy judge in Jacksonville, Fla., said Olympia Holdings Inc. could use $24.4 million in cash from accounts receivable to fund its P.I.E. International trucking unit. The cash infusion won’t prevent cutbacks at the unit, which plans to lay off 20% of its 7,500 workers and close 22% of its 230 terminals as a result of parent Olympia’s Chapter 11 bankruptcy filing. P.I.E. also plans a 30% reduction in annual sales to $350 million. P.I.E.’s sister company, Los Angeles-based Transcon Lines, is in Chapter 7 liquidation.