Chapter 11 bankruptcy filing

Michigan carrier files for bankruptcy

Michigan-based carrier files for Chapter 11

Michigan-based DIS Transportation and affiliate company DIS Express have filed Chapter 11 bankruptcy with the U.S. Bankruptcy Court for the Western District of Michigan.

The company listed $392,000 in assets and $569,000 in liabilities. The largest claims were $306,000 (secured by property) and business debts of $100,000 to PNC Bank and $90,000 to a truck and trailer repair company.

The carriers operates out of Grand Rapids and Kentwood, Michigan, with a fleet of 23 power units and 25 drivers,...

https://s29755.pcdn.co/news/michigan-carrier-files-for-bankruptcy

Small-business truckers among those owed after Texas carrier files Chapter 11

Grimmett Brothers Inc. filed for bankruptcy recently in Texas

A Texas-based carrier recently filed for Chapter 11 bankruptcy protection, despite being approved for between $350,000 and $1 million through the U.S. Small Business Administration’s Paycheck Protection Program (PPP) to stay afloat during the COVID-19 pandemic.

This marks the second time in four years that family-owned Grimmett Brothers Inc. of Snyder, Texas, has filed bankruptcy, according to court filings.

Grimmett Brothers, a heavy-haul and earth-moving company, filed its petition in the U.S....

https://s29755.pcdn.co/news/small-business-truckers-among-those-owed-after-texas-carrier-files-chapter-11

Truckers owed thousands after Texas carrier files bankruptcy

Texas carrier files bankuptcy in Texas

Several trucking companies are collectively owed hundreds of thousands of dollars after a Texas-based motor carrier filed for Chapter 11 bankruptcy protection late last week.

FALC Enterprises of El Paso, Texas, filed its petition in the U.S. Bankruptcy Court for the Western District of Texas last Friday.

In its filing, FALC lists both its assets and liabilities as between $1 and $10 million and states it has up to 99 creditors. The Federal Motor Carrier Safety Administration revoked FALC’s...

https://s29755.pcdn.co/news/truckers-owed-after-texas-carrier-files-bankruptcy

Carriers owed thousands after lumber processor files for bankruptcy

Northland Corp., a hardwood processor, filed for Chapter 11 bankruptcy protection on July 27.

Several trucking companies and freight brokerages are owed thousands of dollars after a Kentucky-based lumber processor filed for Chapter 11 bankruptcy protection Monday.

Northland Corp., headquartered in La Grange, Kentucky, filed its petition in the U.S. Bankruptcy Court for the Western District of Kentucky.

In its filing, Northland lists both its assets and liabilities as between $1 million and $10 million and states it has up to 199 creditors. 

Among the lumber company’s top 20 unsecured...

https://www.freightwaves.com/news/carriers-owed-thousands-after-lumber-processor-files-for-bankruptcy

El Al crisis worsens, Aeromexico opts for bankruptcy

A white jet approaching for landing with wheels down.

The airline industry is sitting in a financial hotseat as the economic slowdown caused by the coronavirus pandemic burns up cash, but for some carriers it feels like an inferno.

Israeli-flag carrier El Al on Thursday said it has ceased scheduled passenger operations through the end of July and sent most employees home without pay amid a liquidity crisis, while Aeromexico received court approval to use existing resources to pay employees and vendors, and honor ticket purchases and existing...

https://www.freightwaves.com/news/el-al-crisis-worsens-aeromexico-opts-for-bankruptcy

Trailer sales and leasing company files for bankruptcy protection

K & L Trailer Sales and Leasing Inc. (K & L Sales) of Knoxville, Tennessee, recently filed for Chapter 11 bankruptcy protection.

The family-owned business, opened in 1994, employs 23 people. The company sells new and used trailers, including dry van, reefer, flatbed and tankers, among others.

K & L Sales also sells parts and operates a trailer repair shop.

In its filing with the U.S. District Court for the Eastern District of Tennessee, it lists assets between $1 million and $10 million and...

https://www.freightwaves.com/news/trailer-sales-and-leasing-company-files-for-bankruptcy-protection

LATAM Airlines files for bankruptcy protection

Cargo being unloaded from a large white cargo jet.

Following regional rival Avianca Holdings’s footsteps, LATAM Airlines, the largest carrier in Latin America, is reorganizing and restructuring debt under court-supervised bankruptcy protection in the United States because of the unprecedented downturn in business caused by the coronavirus.

Today’s filing for Chapter 11 bankruptcy covers LATAM Airlines Group (NYSE: LTM), headquartered in Santiago, Chile, as well as its affiliates in Colombia, Peru, Ecuador and the U.S., but not those in...

https://www.freightwaves.com/news/latam-airlines-files-for-bankruptcy-protection

Breaking: Car rental giant Hertz files for Chapter 11 bankruptcy protection

Car rental giant Hertz (NYSE: HTZ) filed for Chapter 11 bankruptcy protection late Friday, hours ahead of a creditor forbearance deadline on a nearly $11 billion agreement with some of its asset-based lenders that lease vehicles to Hertz’s U.S. rental car operations.

After failing to reach an agreement with some of its creditors, Hertz had little choice but to enter a free-fall, Chapter 11 proceeding without sufficient time to plan, according to Joseph Acosta, a partner at Dorsey & Whitney.

“These...

https://s29755.pcdn.co/news/car-rental-giant-hertz-files-for-chapter-11-bankruptcy-protection

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