Another wave of trucking and logistics companies sought bankruptcy protection during May as carriers across the U.S. continued grappling with weak freight demand, soft spot rates and elevated operating costs.
More than 20 trucking-related companies filed either Chapter 7 liquidation or Chapter 11 restructuring cases during the past 30 days, according to bankruptcy filings compiled by FreightWaves
The filings ranged from small owner-operators with only one or two trucks to larger regional carriers and logistics providers with millions of dollars in liabilities. Among the most notable Chapter 7 cases was the final liquidation of Georgia-based Standard Forwarding Freight, a 92-year-old regional trucking company that abruptly shut down operations late last year. The carrier operated 14 terminals across the Midwest and employed 230 drivers with a fleet of 302 trucks hauling automotive parts and industrial freight.
Several smaller carriers also filed for Chapter 7 liquidation during May, including Illinois-based Bolt Carriers Inc., Indiana-based Dukay Trucking LLC, Florida carrier YMT Line Transport Inc., and Bull Trans LLC in Pennsylvania. Additional Chapter 7 filings included California-based Linces Trucking LLC, Michigan carrier ZA Trucking LLC, California 3PL JSL Trucking Inc., Arizona freight brokerage Tena Logistics US Inc., Olgas Transportation Company and Best Roadway Logistics Inc. in Illinois. Oilfield hauler among largest Chapter 11 filings One of the largest restructuring filings came from Bullet Energy Services LLC, an Oklahoma-based oilfield transportation company specializing in energy-sector logistics.