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The post Daily Infographic: The largest trucking companies that went bankrupt in 2022 freight recession appeared first on FreightWaves.
An Alberta, Canada, trucking company specializing in fluid transportation for the oil sector is seeking credit protection as it faces over CA$3 million ($2.3 million) in debt to dozens of companies and the country’s tax authority.
Prairie Tech Oilfield Service, based in Elk Point, filed a notice in the Court of Queens Bench of Alberta on Feb. 22 that the company is insolvent and intends to make a proposal to its creditors under Canada’s Bankruptcy and Insolvency Act.
Prairie Tech owes nearly...
https://www.freightwaves.com/news/alberta-trucking-company-seeks-creditor-protection
Trucking companies outbidding each other for drivers using salary and per-mile wage increases are leaving themselves vulnerable when the next economic downturn hits, the American Trucking Association’s chief economist warns.
Bob Costello told the Motor Carrier Safety Advisory Committee (MCSAC), part of the Federal Motor Carrier Safety Administration, that the slim margins generated in the trucking sector – 5% on average – heighten the cause for concern.
“I’m concerned about the next downturn....
https://www.freightwaves.com/news/ata-driver-pay-increases-could-come-back-to-haunt-carriers
A federal judge approved plans to liquidate what little assets remain of bankrupt trucking company Comcar Industries: ostensibly real estate.
The Chapter 11 liquidation plan received approval on Wednesday in the U.S. Bankruptcy Court for the District of Delaware. The remaining assets will be sold through two trusts, with an expected recovery of $23.4 million, according to court filings.
About $15 million will be available to creditors, according to liquidation analysis filed in the court in...
https://s29755.pcdn.co/news/comcar-bankruptcy-liquidation-plan-approved
New research by the American Transportation Research Institute (ATRI) provides more evidence that large legal “nuclear” verdicts against truck fleets are increasing dramatically in both number and size of awards along with a corresponding increase in insurance costs.
The study, Understanding the Impact of Nuclear Verdicts on the Trucking Industry, is based partially on a new trucking litigation database with information on 600 cases between 2006 and 2019. The first five years of the data showed...
https://s29755.pcdn.co/news/atri-study-reveals-nuclear-verdicts-on-the-rise
Bankrupt ENTREC has started looking for buyers for its heavy haul trucking and crane services subsidiaries – ENT Oilfield Group in Canada and ENTREC Cranes & Heavy Haul in the U.S.
The Alberta-based company is marketing the subsidiaries individually, according to investment teasers from Sequeira Partners and Ernst & Young. Bid deadlines for the subsidiaries are set for June 26, with final agreements anticipated by August 4.
ENTREC Cranes & Heavy Hauling, based in North Dakota, has 48 tractors,...
https://s29755.pcdn.co/news/bankrupt-entrec-courts-buyers-for-subsidiaries
Heavy-equipment hauler ENTREC received court approval to find buyers or investors under creditor protection as it remains operating in Canada and the U.S. with extended financing.
Canada-based ENTREC will have until Aug. 7 to either sell off assets or secure investors after Alberta Justice Barbara Romaine approved its plans under the Companies’ Creditors Arrangement Act (CCAA), a process similar to U.S. Chapter 11 bankruptcy.
The company also secured interim financing of up to C$30 million...
https://s29755.pcdn.co/news/entrec-cleared-to-pursue-asset-sales-as-lenders-extend-financing
Heavy hauler ENTREC is seeking additional financing to continue operating as it pursues buyers or investors while under creditor protection in Canada and Chapter 15 bankruptcy in the United States.
ENTREC will ask a judge in Alberta today to allow it to borrow up to C$30 million (about US$21.5 million) and to approve its plans to market its Canadian and U.S. trucking and crane businesses, according to a court filing. The company intends to appoint Ernest and Young in Canada and Sequoia in the...
https://s29755.pcdn.co/news/heavy-hauler-entrec-seeks-breathing-room-to-find-buyers
Bankrupt Celadon Group is pursuing a deal to sell its Mexican businesses to White Willow Holdings for $2.4 million after the proposed $7 million sale to P.A.M. Transportation Services fell through, according to a court filing.
Luminus Management-backed White Willow “put forth the best offer” for its Mexican subsidiaries, Celadon said in an April 30 filing in U.S. Bankruptcy Court. The deal also provides for 78% of Mexican tax refunds owed to Celadon – worth as much as $18.5 million – going back...
https://s29755.pcdn.co/news/celadon-in-talks-to-sell-mexican-business-for-2-4-million