Chapter 11

Hornblower restructures, pulls plug on American Queen

As part of a restructuring that will see it get an infusion of cash and a new majority owner, Hornblower Group has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. The restructuring agreement will see funds managed by global alternative investment firm Strategic Value Partners, LLC (SVP) and its affiliates take majority ownership of Hornblower and provide a significant equity investment...

https://www.marinelog.com/inland-coastal/hornblower-restructures-pulls-plug-on-american-queen/

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

85-year-old Indiana trucking company files for Chapter 11

An 85-year-old Indiana-based trucking and logistics company and its affiliates recently filed for Chapter 11 bankruptcy protection less than nine months after it was acquired by private-equity firm Transport Acquisitions. 

Founded in 1938, Otwell, Indiana-based Elmer Buchta Trucking, which offers bulk, dry van and pneumatic trucking services, has 100 drivers and more than 230 power units, according to the Federal Motor Carrier Safety Administration’s SAFER website. 

No reason was given as to why...

https://www.freightwaves.com/news/85-year-old-indiana-trucking-company-files-for-chapter-11

Surge Transportation sought buyer prior to filing for bankruptcy

After experiencing two years of record growth during the COVID-19 pandemic, Jacksonville, Florida-based Surge Transportation, a digital freight brokerage, sought to find a buyer and slashed its rates and workforce nearly a year before it filed for Chapter 11 bankruptcy protection on Monday.

“In the first half of 2022, demand for excess motor carrier capacity dramatically contracted. In an effort to maintain volume, [Surge] cut its rates,” according to court filings. “While lower rates resulted...

https://www.freightwaves.com/news/surge-transportation-sought-buyer-prior-to-filing-for-bankruptcy

Surge Transportation blames bankruptcy filing on sales drop after e-commerce boom

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After experiencing record sales growth during the COVID-19 pandemic, digital freight brokerage Surge...

https://www.freightwaves.com/news/bankrupt-surge-transportation-unprepared-for-sales-drop-after-e-commerce-boom

Illinois trucking company files for bankruptcy after nuclear verdict

Marvin Keller Trucking files Chapter 11

An Illinois-based trucking company has filed for Chapter 11 bankruptcy protection, citing a jury award of $10 million in December after a 2019 fatal truck crash involving one of its drivers.

Joseph Keller, president of Marvin Keller Trucking, headquartered in Sullivan, Illinois, filed the first of several emergency motions in the U.S. Bankruptcy Court for the Central District of Illinois on Friday, stating the bankruptcy filing is necessary to “avoid irreparable and immediate harm” to the...

https://www.freightwaves.com/news/illinois-trucking-company-files-bankruptcy-after-nuclear-verdict

JCB Trucking Enterprises files bankruptcy after FMCSA orders operations halt

An Indiana-based trucking company recently filed Chapter 11, more than a month after the Federal Motor Carrier Safety Administration ordered the carrier to suspend interstate operations after receiving an unsatisfactory rating.

JCB Trucking Enterprises LLC, headquartered in Lafayette, Indiana, filed its petition in the U.S. Bankruptcy Court for the Northern District of Indiana on March 18.

In its filing, JCB Trucking Enterprises lists its assets as up to $50,000 and its liabilities as between $1...

https://www.freightwaves.com/news/jcb-trucking-enterprises-files-bankruptcy-after-fmcsa-orders-operations-halt

Kansas trucking company with history of safety violations files Chapter 11

A Kansas-based trucking company, cited numerous times for safety violations for both its drivers and equipment, recently filed Chapter 11 bankruptcy.

Elite Transportation, headquartered in Wichita, filed its petition in the U.S. Bankruptcy Court for the District of Kansas on Friday.

In the filing, Elite lists its assets as up to $500,000 and liabilities as up to $10 million. The trucking company states that it has up to 199 creditors and maintains that funds will be available for distribution to...

https://www.freightwaves.com/news/kansas-trucking-company-with-history-of-safety-violations-files-chapter-11

Texas freight forwarder files bankruptcy

Trucking, logistics and airfreight companies are collectively owed hundreds of thousands of dollars after a Texas freight forwarder filed Chapter 11 bankruptcy earlier this week.

Atlantic Worldwide Shipping LLC of Houston filed its petition in the U.S. Bankruptcy Court for the Southern District of Texas on Tuesday.

In its filing, the freight forwarder lists its assets as between $100,000 and $500,000 and its liabilities as between $1 million and $10 million. The company states that it has up to...

https://www.freightwaves.com/news/texas-freight-forwarder-files-bankruptcy

Boeing supplier files for Chapter 11 bankruptcy

GDC Technics, an aeronautics interiors supplier, filed for Chapter 11 bankruptcy the same day the company announced it was laying off 223 people in Texas.

The layoffs and bankruptcy filing come after Boeing Co. (NYSE: BA) sued GDC Technics for allegedly being behind schedule on two Air Force One aircraft.

The bankruptcy filing in the Western District of Texas did not include detailed financial information about GDC Technics. The company listed liabilities from $10 million to $50 million and more...

https://s29755.pcdn.co/news/boeing-supplier-files-for-chapter-11-bankruptcy

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