bankruptcies

Check Call: The brink of broker-carrier relationships

(Gif: GetYarn)

A story that is seeming to become all too familiar is carriers being left high and dry following a broker’s bankruptcy filing. Earlier this year there was Surge Transportation that went through Chapter 11, a restructuring bankruptcy, but all outstanding debt before the filing date is subject to court approval for payments. 

Now as Convoy truly winds down operations, carriers are left holding the metaphorical bag, not the physical bag as that would indicate they had received...

https://www.freightwaves.com/news/check-call-the-brink-of-broker-carrier-relationships

Creditor challenges bankruptcy plan of ILWU dockworkers union

One of the world’s largest and highest-profile dockworker unions, the International Longshore and Warehouse Union (ILWU), filed for Chapter 11 bankruptcy protection on Sept. 30, seeking to shield itself from a crippling damage award owed to Philippines-based International Container Terminal Services Inc. (ICTSI).

But the bankruptcy filing is not the end of the saga. The legal battle continues.

Under the proposed reorganization plan, the ILWU would give $6.1 million to terminal operator ICTSI,...

https://www.freightwaves.com/news/creditor-challenges-bankruptcy-plan-of-west-coast-dockworkers-union

Loaded and Rolling: Yellow exec says bankruptcy coming Monday

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Yellow exec to sales staff: Bankruptcy on Monday

(Photo: Jim Allen/FreightWaves)

The saga of...

https://www.freightwaves.com/news/loaded-and-rolling-yellow-exec-says-bankruptcy-coming-monday

Daily Infographic: The largest trucking companies that went bankrupt in 2022 freight recession

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To view more FreightWaves infographics, click here

The post Daily Infographic: The largest trucking companies that went bankrupt in 2022 freight recession appeared first on FreightWaves.

https://www.freightwaves.com/news/daily-infographic-the-largest-trucking-companies-that-went-bankrupt-in-2022-freight-recession

The largest trucking companies that went bankrupt in 2022 freight recession

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It’s been a rough year for the trucking industry following the red-hot market conditions of late...

https://www.freightwaves.com/news/the-largest-trucking-companies-that-went-bankrupt-in-2022-freight-recession

FreightWaves Classics: Fallen Flags – Erie Railroad had many ups & downs

An Erie Railroad freight train at Salamanca, New York during the 1950's. (Photo: John Bartley/American-Rails)

There are many people interested in former transportation companies, whether they were trucking companies, railroads, airlines or ocean lines. They are called “fallen flags,” and the term describes those companies whose corporate names have been dissolved through merger, bankruptcy or liquidation.

At one time there were four major railroads offering service from New York to Chicago. The three largest and best-known were the Pennsylvania Railroad, the New York Central and the Baltimore & Ohio. 

The...

https://www.freightwaves.com/news/freightwaves-classics-fallen-flags-erie-railroad-had-many-ups-downs

Trucking company shutdown among Canada’s largest since pandemic began

A truck travels on a road with mountains in the background in Alberta, Canada, where a trucking company shut down.

A heavily indebted Canadian trucking company has shut down after a court-appointed trustee assumed control of the Calgary, Alberta-based carrier and terminated 131 employees and contractors, most of them drivers. 

People Express Transport, which specialized in hauling produce and meat in western Canada and the U.S., ceased operations on April 22, the day that a judge placed the carrier into receivership under Canada’s Bankruptcy and Insolvency Act. It had a fleet of about 150 trucks and owed...

https://www.freightwaves.com/news/trucking-company-shutdown-among-canadas-largest-since-pandemic-began

2 Canadian trucking companies close amid financial struggles

A tractor-trailer from Canadian trucking company Orbit Freight, which recently closed.

Two Canadian trucking companies operating in the same Toronto site have shut down as their owner faced a mountain of debt and largely unprofitable businesses, bankruptcy court records show.

Orbit Freight ceased operating in February following the shutdown of Delta Carrier, according to filings in Ontario Superior Court in March. The size of either carrier wasn’t clear at the time of closure. At its peak, in 2018, Orbit had 25 power units and 66 drivers registered in the U.S with the Federal...

https://s29755.pcdn.co/news/2-canadian-trucking-companies-close-amid-financial-struggles

Korean Air takeover of Asiana to create single national carrier

An Asiana jumbo jet with white fuselage and multicolored tail lifts off from runway.

Korean Air agreed Monday to acquire a majority stake in indebted rival Asiana Airlines as part of a South Korean government effort to stabilize the nation’s aviation industry from the devastating effects of the coronavirus pandemic.

The industry consolidation is designed to increase the competitiveness of both carriers at a time of limited travel demand by streamlining route operations, lowering costs and increasing the chance to acquire more takeoff and landing slots at Incheon International...

https://www.freightwaves.com/news/korean-air-takeover-of-asiana-to-create-single-national-carrier

U.S. judge approves ENTREC’s cross-border bankruptcy plans

An ENTREC tractor hauls an oversized load

A federal judge in Texas today signed off on ENTREC’s bankruptcy plans, allowing the Canadian heavy equipment hauler to continue operating while it courts buyers or investors under creditor protection.

The decision by U.S. Bankruptcy Judge Marvin Isgurf normally recognizes ENTREC’s Canadian creditor protection proceedings under Chapter 15 of the U.S. Bankruptcy Code. It also designates ENTREC’s Companies’ Creditors Arrangement Act (CCAA) proceedings as the primary venue for the cross-border...

https://www.freightwaves.com/news/u-s-judge-approves-entrecs-cross-border-bankruptcy-plans

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