Freight distress spreads as bankruptcies, layoffs top 600 jobs

6 days ago 12

Several trucking and logistics companies sought bankruptcy extortion implicit the past week, arsenic respective proscription and logistics companies besides announced installation closures and layoffs crossed the U.S.

The bankruptcies and layoffs bespeak continuing fiscal challenges facing proscription providers contempt important improvements to the freight market.

The latest filings see a premix of Chapter 11 reorganizations and Chapter 7 liquidations involving trucking carriers, freight brokers, logistics consultants and proscription work providers operating successful Illinois, Tennessee, Maryland, North Carolina and Michigan.

Wisconsin-based Sparhawk Trucking Inc. and Sparhawk Truck and Trailer Inc. precocious issued a announcement informing employees of imaginable layoffs oregon a imaginable closure arsenic the companies question a purchaser done bankruptcy proceedings.

According to FMCSA records, Sparhawk Trucking operates 178 trucks and employs 146 drivers. Company officials said nary last decisions person been made but cautioned employees not to presume the concern volition stay open.

Park Ridge, Illinois-based SP Trans Inc., a long-haul truckload bearer that filed for extortion successful the Northern District of Illinois connected Tuesday. The bearer reported assets and liabilities betwixt $500,000 and $1 cardinal and listed betwixt 1 and 49 creditors. Federal records bespeak the institution operated with 13 drivers and remained an progressive centrifugal bearer arsenic precocious arsenic May.

Durham, North Carolina-based SB Hauling & Crane Services LLC besides filed for Chapter 11 extortion connected May 29 successful the Middle District of North Carolina. The institution specializes successful operation hauling, crane services and debris removal and operates chiefly successful the Raleigh-Durham region.

M&L Express LLC, a Hagerstown, Maryland-based long-distance trucking company, filed for Chapter 11 extortion connected May 29. Federal records amusement the bearer historically operated a fleet of 9 tractors and accumulated much than 1 cardinal yearly miles.