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Thread: Another trucking bankruptcy

  1. #1
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    Default Another trucking bankruptcy

    This Florida company, we a few subsidiaries, have filed for bankruptcy protection.

    Florida trucking company files Chapter 11 bankruptcy
    A private equity firm-owned motor carrier and its affiliates have filed for bankruptcy protection in the state of Florida.
    On September 27, Cold Carriers Logistics LLC filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida, according to a report from Bloomberg Law.
    Cold Carrier’s affiliated trucking companies — including Interide Transport, Gantt Trucking, Blue Sky Logistics, and Sunco Trucking — were also listed in the bankruptcy filings. These midsize regional carriers were acquired by Cold Carriers and consolidated into a single company.
    Hundreds of trucks are affected by the bankruptcy filings. According to the FMCSA’s SAFER website, Gantt Trucking operates 102 trucks, Interide Transport operates 136 trucks, and Sunco Trucking operates 159 trucks. Blue Sky Logistics operates about 30 trucks.
    https://cdllife.com/2019/florida-tru...11-bankruptcy/

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    Default Re: Another trucking bankruptcy

    Another massive trucking company is closing. A healthy economy would have absorbed a weak company and allowed continued operation.
    Maybe the fake economy isn't all that healthy ...

    Celadon, biggest bankruptcy in truckload history expected by mid-week
    Celadon Group (OTC: CGIP) will file for bankruptcy protection under Chapter 11 no later than Wednesday, December 11, according to internal sources. The Indianapolis-based, publicly-traded trucking carrier employed more than 3,200 drivers and took in more than $1 billion in gross revenue as recently as 2015.
    More recent numbers are difficult to come by because Celadon had to restate its financial reporting after mismanagement and a complex accounting scandal that ultimately resulted in former executives being indicted on securities fraud charges yesterday, December 5.
    Over-the-road drivers may be at risk of being stranded — our source could not verify that Celadon’s drivers would get home — and should fill their tanks at the earliest opportunity as the company’s fuel cards still work. Celadon’s 3,500 employees could lose their jobs soon.
    Celadon will be the largest truckload carrier to file bankruptcy in history. The north-south truckload carrier has 2,695 trucks, including 2,000 in the United States, 360 in Canada, and 335 in Mexico. The company is a dominant carrier on the I-35 corridor, running freight from Laredo to the Midwest, with a large concentration in the automotive sector.
    https://www.freightwaves.com/news/ce...ed-by-mid-week
    ABFwife likes this.

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    Default Re: Another trucking bankruptcy

    I want to post this article from FOX news and show the hypocrisy, the slant, the spin of how they report something.

    Indiana-based trucker files for bankruptcy, thousands of jobs at risk

    Notice it says ... Thousands of jobs at risk. ?
    Then the first sentence of the article says Celadon WILL be closing. At risk ?
    If that isn't a slant and spin, I don't know what is.

    INDIANAPOLIS (AP) — An Indiana trucking company with nearly 4,000 employees said Monday it filed for bankruptcy and will shut down all operations, just days after two former officials were charged in a fraud scheme.
    Those jobs are gone !
    Not saying the drivers won't find work, but those jobs are gone !

    Trust me, I feel bad that thousands of people will be out of work, right at Christmas time.
    It's another in the long line of "trucking bloodbaths" that have taken place in the past year.
    Great economy ...

    https://www.foxbusiness.com/markets/...ankruptcy-jobs
    ABFwife and fedexnuno like this.

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    Default Re: Another trucking bankruptcy

    Quote Originally Posted by fxstc07 View Post
    I want to post this article from FOX news and show the hypocrisy, the slant, the spin of how they report something.

    Indiana-based trucker files for bankruptcy, thousands of jobs at risk

    Notice it says ... Thousands of jobs at risk. ?
    Then the first sentence of the article says Celadon WILL be closing. At risk ?
    If that isn't a slant and spin, I don't know what is.



    Those jobs are gone !
    Not saying the drivers won't find work, but those jobs are gone !

    Trust me, I feel bad that thousands of people will be out of work, right at Christmas time.
    It's another in the long line of "trucking bloodbaths" that have taken place in the past year.
    Great economy ...

    https://www.foxbusiness.com/markets/...ankruptcy-jobs
    I came across a great show on youtube about the trucking industry that I will share here on the site when I get home from work. As if it isn't already tough enough being a non union driver, then you hear of all these lost jobs in an industry where there is supposed to be a drivers shortage.
    fedexnuno likes this.

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    Default Re: Another trucking bankruptcy

    Another is all I can say.
    This great economy, along with cut throat brokers and companies, have bled this industry dry. The writing is on the wall, more carnage to come.

    Hendrickson Truck Lines Files for Chapter 11 Bankruptcy
    Hendrickson Truck Lines Inc., a small truckload and less-than-truckload carrier based in Sacramento, Calif., declared Chapter 11 bankruptcy Dec. 3, according to federal court documents, blaming a cut in rates and maintenance woes as reasons.


    The California family-owned company, which previously declared Chapter 11 bankruptcy in 2015, employs 97 drivers and has 90 tractors, according to the Federal Motor Carrier Safety Administration.

    According to court documents, Hendrickson operates in 10 western states: Arizona, California, Colorado, Idaho, New Mexico, Nevada, Oregon, Utah, Washington and Wyoming. Hendrickson said on its website that it sends team drivers throughout the 48 contiguous states.
    https://www.ttnews.com/articles/hend...-11-bankruptcy

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    Default Re: Another trucking bankruptcy

    Quote Originally Posted by fxstc07 View Post
    Another is all I can say.
    This great economy, along with cut throat brokers and companies, have bled this industry dry. The writing is on the wall, more carnage to come.

    Hendrickson Truck Lines Files for Chapter 11 Bankruptcy


    https://www.ttnews.com/articles/hend...-11-bankruptcy
    I've seen them many times on the interstate. The terrible news continues.

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    Default Re: Another trucking bankruptcy

    Quote Originally Posted by fxstc07 View Post
    Another massive trucking company is closing. A healthy economy would have absorbed a weak company and allowed continued operation.
    Maybe the fake economy isn't all that healthy ...

    Celadon, biggest bankruptcy in truckload history expected by mid-week




    https://www.freightwaves.com/news/ce...ed-by-mid-week
    Not even the strongest economy can make up for criminal activity,..............

    https://www.ttnews.com/articles/two-...d-fraud-scheme

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    Default Re: Another trucking bankruptcy

    This is an update on Celadon: My niece who lives in Washington state sent me this article this morning. A repeat of Arrow Trucking!!

    Hundreds Of Truckers Stranded Across The Country After Company Shuts Down

    A source tells Eyewitness News that thousands of drivers are left jobless and stranded across the U.S. because company gas cards have been shut off. More than 500 administrative positions will also be eliminated.​​

    "Mad is not the word. Pissed is not the word," said driver Melinda Lindsey.

    While many Celadon drivers are being asked to return their truck in exchange for a bus ticket home, Lindsey and her husband lease their truck.

    "If we lose our truck we've got to start all over. I'm 50 and he's 53. We can't afford to pay $80,000 again," she said
    "There's a lot of trucks broken down. I know about 20 trucks out of fuel. Many are sitting at truck stops waiting for a load who is now stranded because of everything that's going on," said Mills.​​

    Trucking companies are offering jobs and sign-on bonuses, but there are those who are still struggling to find transportation for their belongings and even their pets. For Lindsey, her frustration is losing her business she worked so hard for.
    https://5newsonline.com/2019/12/10/h...ny-shuts-down/
    Last edited by ABFwife; 7 Hours Ago at 09:30 AM.

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    Default Re: Another trucking bankruptcy

    Quote Originally Posted by Walleye View Post
    Not even the strongest economy can make up for criminal activity,..............

    https://www.ttnews.com/articles/two-...d-fraud-scheme
    That is true.
    But explain all the other trucking bankruptcy's this year ?
    Class 8 truck orders are down, companies aren't buying and freight in general is slow.
    That means one thing.
    The fake smoke and mirrors economy, fueled by the outrageous tax cuts that benefited the wealthy corporations, isn't what some believe it to be.

  10. #10
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    Default Re: Another trucking bankruptcy

    Celadon bankruptcy biggest of nearly 800 truck company failures this year

    "The demise of trucking company Celadon Group is another leg in what's proving to be a dismal drive for the industry this year.

    In the first three quarters of 2019, nearly 800 carriers went out of business, more than double the count of trucking failures in 2018, according to transportation industry data firm Broughton Capital."

    https://www.cbsnews.com/news/celadon...rters-of-2019/

    Sent from my SM-J327T using Tapatalk
    ABFwife likes this.

 

 

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