Freight market pushes another wave of trucking firms into bankruptcy

Another question of trucking and logistics companies sought bankruptcy extortion during May arsenic carriers crossed the U.S. continued grappling with anemic freight demand, brushed spot rates and elevated operating costs.

More than 20 trucking-related companies filed either Chapter 7 liquidation oregon Chapter 11 restructuring cases during the past 30 days, according to bankruptcy filings compiled by FreightWaves.

The filings ranged from tiny owner-operators with lone 1 oregon 2 trucks to larger determination carriers and logistics providers with millions of dollars successful liabilities.

Among the astir notable Chapter 7 cases was the last liquidation of Georgia-based Standard Forwarding Freight, a 92-year-old determination trucking institution that abruptly unopen down operations precocious past year. The bearer operated 14 terminals crossed the Midwest and employed 230 drivers with a fleet of 302 trucks hauling automotive parts and concern freight.

Several smaller carriers besides filed for Chapter 7 liquidation during May, including Illinois-based Bolt Carriers Inc., Indiana-based Dukay Trucking LLC, Florida bearer YMT Line Transport Inc., and Bull Trans LLC successful Pennsylvania.

Additional Chapter 7 filings included California-based Linces Trucking LLC, Michigan bearer ZA Trucking LLC, California 3PL JSL Trucking Inc., Arizona freight brokerage Tena Logistics US Inc., Olgas Transportation Company and Best Roadway Logistics Inc. successful Illinois.

Oilfield hauler among largest Chapter 11 filings

One of the largest restructuring filings came from Bullet Energy Services LLC, an Oklahoma-based oilfield proscription institution specializing successful energy-sector logistics.

The institution filed for Chapter 11 extortion connected May 13 successful the Eastern District of Oklahoma, listing estimated assets betwixt $1 cardinal and $10 cardinal and liabilities ranging from $10 cardinal to $50 million. Court records showed the institution had betwixt 100 and 199 creditors.

Bullet Energy Services continues operating arsenic a debtor-in-possession portion restructuring. The institution operates 32 trucks and employs 60 drivers, according to FMCSA records.

Other Chapter 11 filings included Ohio-based Platinum Express Inc., Illinois bearer Direct Motor Lines Inc., Tennessee-based Steven Mccanless Trucking Inc., and McAllen, Texas-based MAR Enterprises LLC.

MAR Enterprises reported operating 9 powerfulness units and 9 drivers portion logging much than 1.4 cardinal miles annually hauling wide freight, nutrient and insubstantial products.

SONAR’s Carrier Net Revocations—which measurement however galore truckload operators (businesses) are exiting the industry—have remained unseasonably elevated passim the archetypal fractional of the year.