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Creditors claim millions as freight bankruptcy filings roll in
Creditors are claiming millions of dollars from two trucking companies and a distribution service provider after all three companies filed for bankruptcy at the start of this week. The post Creditors claim millions as freight bankruptcy filings roll in appeared first on FreightWaves.
Creditors are claiming millions of dollars from two trucking companies and a distribution service provider after all three companies filed for bankruptcy at the start of this week.
Palatine, Illinois-based trucking company Dolche Truckload Corp. filed for Chapter 11 bankruptcy in the Northern District of Illinois on Sunday.
According to the filing obtained by FreightWaves, Dolche Truckload has up to 49 estimated creditors. The company has $1-$10 million in assets and $1-$10 million in estimated liabilities.
Top unsecured creditors are M&T Bank in Buffalo, New York, claiming $950,290, Small Business Administration in Chicago, claiming $495,000, and Daimler Truck Financial in Roanoke, Texas, claiming $121,620.
Dolche Truckload listed ownership of 18 freightliner trucks, 18 reefer trailers, 16 Volvo trucks and 18 dry van trailers valued altogether at $1.92 million. Several creditors have submitted claims for this property.
According to SAFER data, Dolche Truckload employs 60 drivers and operates 57 power units. The company transports general freight, fresh products, liquids/gases, meat, chemicals, refrigerated food, beverages and paper products.
Over the last two years, Dolche Trucking has had two injury and two tow crashes. Over the last two years, the company has had 37% of its roadside inspections lead to vehicles being taken out of service. This is higher than the national average of 22%
Kentucky logistics provider also files Chapter 11
On Monday, Louisville, Kentucky-based distribution company Contract Managed Services filed for Chapter 11 bankruptcy protections in the Western District of Kentucky.
According to its bankruptcy filing, Contract Managed Services has up to 49 estimated creditors claiming $1-$10 million in liabilities. The company estimated it has $1-$10 million in assets.
Top creditors are LIT Industrial Limited Partnership in Dallas, claiming $1.19 million, U.S. Small Business Administration in Birmingham, Alabama, claiming $1.16 million, and Labor Solutions LLC in Louisville, Kentucky, claiming $259,914.
Florida trucking company makes three
Orlando, Florida-based trucking company GD Transport LLC also filed for Chapter 11 bankruptcy protection in the Middle District of Florida on Monday afternoon.
GD Transport has up to 49 creditors and has $1-$10 million in estimated assets. The company has $1-$10 million in estimated liabilities.
Top creditors are American Express in Wilmington, Delaware, claiming $62,570, Sumitomo Mitsui Finance & Leasing Company in New York City, claiming $53,656, and Chase Bank in Wilmington, Delaware, claiming $38,750.
SAFER data shows GD Transport employs 16 drivers and operates 16 power units. The company hauls general freight, metal, building materials, fresh produce, grain, U.S. mail, commodities, beverages, paper products, farm supplies and construction items.
While GD Transport hasn’t had any crashes over the last two years, the company has had 31% of its roadside inspections result in vehicles taken out of service – higher than the national average of 22%.
The post Creditors claim millions as freight bankruptcy filings roll in appeared first on FreightWaves.
