Trucking and logistics bankruptcies reported across US
Two trucking companies and a 3PL recently filed for Chapter 11 bankruptcy protection in separate cases.
C & C Freight Network, Best Choice Trucking and Best Logistics Inc. cited everything from mounting debt to payroll taxes as reasons for the bankruptcy petitions.
Dedham, Massachusetts-based Best Choice Trucking LLC, which has nine drivers and nine power units, filed its petition Monday in the U.S. Bankruptcy Court for the District of Massachusetts.
The petition lists Ulysses Fabricio as president of the company, which hauls full-truckload, last-mile and hazmat freight.
Best Choice Trucking listed its assets and liabilities as between $1 million and $10 million. The company, which seeks to reorganize, has up to 49 creditors and maintains that funds will be available for unsecured creditors once it pays administrative fees.
Some of the company's largest listed creditors include Digital Federal Credit Union for $1.6 million; Trans Lease Inc. for a 2023 Peterbilt 389 tractor ($386,585); and the U.S. Small Business Administration ($371,017).
Best Choice Trucking's trucks had been inspected eight times, with no vehicles placed out of service in a 24-month period, according to the Federal Motor Carrier Safety Administration's SAFER website.
The carrier's drivers had been inspected 17 times over the same 24-month period, with three drivers being placed out of service, resulting in a 17.6% out-of-service rate. The national average is around 6.7%, according to FMCSA.
C & C Freight Network, a Braselton, Georgia-based trucking company with seven drivers and trucks, filed for Chapter 11 bankruptcy protection on Monday in the U.S. Bankruptcy Court for the Northern District of Georgia.
In its petition, C & C Freight Network listed its assets and liabilities as between $1 million and $10 million. The company, which seeks to reorganize, states that it has up to 49 creditors but said no funds will be available for unsecured creditors once it pays administrative fees.
C & C Freight Network's largest creditor is the Small Business Administration for a COVID-19 economic injury disaster loan for $161,425.
Other creditors include Headway Capital LLC for equipment ($87,945); Fora Financial Advance LLC for equipment and inventory ($72,939); MCA Servicing Co. ($63,842); Mint Funding Inc. ($60,364); and BMO Harris Bank for a 2020 Volvo tractor ($56,545).
C & C Freight Network's trucks had been inspected eight times, and three had been placed out of service in a 24-month period, resulting in a 37.5% out-of-service rate. This is higher than the industry's national average of around 22.3%, according to the FMCSA.
The carrier's drivers had been inspected 23 times over the same 24-month period with two drivers being placed out of service, resulting in an 8.7% out-of-service rate. That compares with the national average of around 6.7%.
C & C Freight Network's common carrier authority was granted in April 2016.
The bankruptcy petition lists Charles Alderman as manager of C & C Freight Network, which hauls general freight.
Memphis, Tennessee-based Best Logistics Inc. filed for bankruptcy protection in the Western District of Tennessee on Monday.
The 3PL listed assets of up to $50,000 and liabilities of between $50,000 to $100,000. The company listed 49 creditors and maintains that funds will be available for unsecured creditors once it pays administrative fees.
Creditors include the IRS for payroll taxes, along with the city of Memphis and Shelby County, Tennessee.
The petition lists Phyllis Brown as president of Best Logistics.
The post Trucking and logistics bankruptcies reported across US appeared first on FreightWaves.
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