Chapter 11 bankruptcy

Illinois trucking company with 171 drivers files for bankruptcy

An Illinois trucking company with 183 trucks and 171 drivers recently filed for Chapter 11 bankruptcy protection.

Founded in June 2010, Nationwide Cargo Inc. of East Dundee, Illinois, hauls general freight, fresh produce and meat, according to the Federal Motor Carrier Safety Administration’s SAFER website.

The petition, filed in the U.S. District Court for the Northern District of Illinois on Wednesday, lists Hristo Angelov as the president of Nationwide Cargo.

No reason was given as to why the...

https://www.freightwaves.com/news/illinois-trucking-company-with-171-drivers-files-for-bankruptcy

Volvo Group wins bid for bankrupt Proterra battery assets

Swedish truck maker Volvo Group will pay $210 million for the battery-making and charging assets of bankrupt Proterra Inc.

Volvo Battery Solutions was selected as the winning bidder for the business and assets of Proterra Powered, one of two auctions for the electric bus, battery and energy company that filed for bankruptcy protection in August. 

“We entered into the Chapter 11 process with a mission to maximize the potential of each of our product lines. Today, we have taken an important step...

https://www.freightwaves.com/news/volvo-group-wins-bid-for-bankrupt-proterra-battery-assets

Lordstown Motors founder buys company assets out of bankruptcy

The soap opera that is Lordstown Motors is taking yet another unusual turn. The company founder and former CEO is paying $10 million to buy the electric pickup maker’s assets out of bankruptcy.

Lordstown’s “selling entities” said in a Securities and Exchange Commission filing Friday that Steve Burns made the only qualified bid for the assets. Burns founded the company in 2019 and brought it public through a merger with a special purpose acquisition company in 2020.

Burns and former Chief...

https://www.freightwaves.com/news/lordstown-motors-founder-buys-company-assets-out-of-bankruptcy

Former drivers for Ameritrans Express owed millions of dollars in unpaid wages

Lisa Celli was excited to start her first day on Jan. 5 as a contractor delivering mail for the U.S. Postal Service in the small unincorporated town in California where she and her husband live.

Less than 24 hours after finishing her first route for Ameritrans Express, headquartered in Dumfries, Virginia, Celli received an alarming email from its owner, Frederick Amankwaa, stating the contract delivery company was taking “drastic action” and had submitted a notice that it was terminating its...

https://www.freightwaves.com/news/former-drivers-for-ameritrans-express-owed-millions-of-dollars-in-unpaid-wages

Bouchard files for Chapter 11 bankruptcy

The next ATB tug under construction for Bouchard Transportation will be a sister ship to the Evening Star, pictured here in August 2015. Bouchard Transportation photo.

Bouchard Transportation Co. Inc., the nation’s largest independently-owned oceangoing petroleum barge company, announced yesterday that it has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas.

Melville, N.Y.-based Bouchard said that it intends to fund the Chapter 11 process with debtor-in-possession financing, which will provide the company with the liquidity needed to maintain normal operations while it undertakes certain key operational...

https://www.workboat.com/news/coastal-inland-waterways/bouchard-files-for-bankruptcy/

Diamond Offshore files for Chapter 11 bankruptcy

Ocean Confidence, a semisubmersible deepwater drill rig used in the Gulf of Mexico. Image via BOEM/Courtesy of Diamond Oil.

Diamond Offshore Drilling Inc. announced today that it has filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. The Houston-based offshore driller operates a fleet of 15 floating rigs — 11 semisubmersibles and four drillships.

Diamond Offshore said it intends to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile, while continuing to focus on safe, reliable, and efficient contract drilling...

https://www.workboat.com/news/offshore/diamond-offshore-files-for-chapter-11-bankruptcy/