16 trucking companies hit bankruptcy court in less than a month
More than a dozen carriers across the U.S. have sought bankruptcy protection since late August. The post 16 trucking companies hit bankruptcy court in less than a month appeared first on FreightWaves .
A wave of trucking bankruptcies has struck the U.S. in the past month, with at least 16 carriers filing for bankruptcy protection between late August and September 21, according to federal court filings and carrier records. The affected companies span small owner-operators to larger fleets operating dozens of trucks. The filings encompass both Chapter 7 cases, which involve liquidation, and Chapter 11 cases, which are reorganization proceedings.
The financial strain on the trucking industry is attributed to rising diesel fuel prices and other escalating operating costs. Notable among the companies are Xoco Transport, based in Hidalgo, Texas, which entered Chapter 11 with over 40 tractors, 65 drivers and 70 trailers; Globemaster Inc., an Illinois-based long-haul carrier with assets of $500,000 to $1 million and liabilities of $1 million to $10 million; and Pacer Transport, based in Louisiana, with less than $50,000 in assets and between $1 million and $10 million in liabilities.
Written by urgent.news from FreightWaves's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
