New York, July 15, 2014 -- Moody's: Pilot Travel Centers LLC ("Pilot") yesterday announced that it had entered into a criminal enforcement agreement with the U.S. Department of Justice under which the company will not be prosecuted, assuming it follows the terms of the agreement, including paying a monetary penalty over the next two years which the government has set at $92 million and cooperating fully with the federal government's investigation of fraudulent conduct within the company's diesel fuel sales discount programs. Under the agreement, Pilot also acknowledges and accepts full responsibility for any criminal conduct committed by its employees, including some personnel involved with the operation and oversight of its direct diesel fuel sales group. The company will also keep the government advised of the status of its internal compliance program. Moody's believes this agreement is credit positive as it eliminates the uncertainty regarding the outcome of the Federal Government's investigation and the amount of monetary penalties the company would have to pay.
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