Breaking

Sixteen Carriers File for Bankruptcy in Four-Week Period

Insolvencies swept through the trucking sector between late August and September 21, with sixteen companies seeking court protection. The filings ranged from small operators to fleets operating dozens of vehicles, split between Chapter 11 reorganizations and Chapter 7 liquidations. Eight carriers pursued Chapter 11 cases, including Globemaster Incorporated of Illinois, which reported $500,000 to $1 million in assets against $1 million to $10 million in liabilities while operating 51 power units. Xoco Transport of Texas filed with over 40 tractors and 65 drivers on staff. CLJ Transporting, an Amazon Delivery Service Partner based in Florida with 18 trucks, also entered Chapter 11. The bankruptcies occurred as the industry faced rising diesel fuel costs and elevated operating expenses.