Florida court records show lenders urged R&R Family of Companies to wind down operations weeks before its collapse, even as carriers across the U.S. continued hauling freight and invoices went unpaid.
A lawsuit filed Jan. 23 in the Circuit Court for the Twentieth Judicial Circuit in Collier County, Florida, by The Huntington National Bank, alleges that R&R and affiliated borrowers were insolvent, deeply in default and lacking sufficient liquidity while continuing to operate through late 2025.
The case offers a possible explanation of what was happening behind the scenes while carriers, vendors and factoring companies report unpaid invoices tied to R&R Express, RFX LLC, GT Logistics and related entities.
Lenders say R&R was losing millions as payables mounted
According to the complaint, Huntington and co-lender S&T Bank extended multiple credit facilities to R&R and affiliated borrowers in March 2022 under a Second Amended and Restated Credit and Security Agreement.
The facilities included an $85 million revolving credit line and a $3.7 million term loan, secured by substantially all borrower assets.
By 2025, however, the lenders allege R&R’s financial condition had sharply deteriorated amid the prolonged freight recession.
Court records state the borrowers reported approximately $25.9 million in net operating losses for 2025, with actual losses potentially higher due to accounting practices that may have understated expenses. By late 2025, R&R and its affiliates had allegedly accumulated roughly $65 million in unpaid trade payables.
The complaint states that by mid-December 2025, Huntington recommended an orderly wind-down, citing a lack of liquidity to meet ongoing obligations. According to the filing, the borrowers refused and continued operating while incurring debts they could not pay.
Turnaround effort deemed unworkable
In November 2025, R&R and its affiliates hired turnaround firm G2 Capital Advisors, which produced a preliminary restructuring plan concluding the company would need at least $25 million in new capital to survive.
The plan relied on additional funding from existing lenders. After reviewing the proposal with their own financial advisors, Huntington and S&T concluded the plan was not viable, according to the complaint.
Despite the lenders’ position, the lawsuit alleges operations continued as the company’s financial position worsened.
Alleged insider property transfer amid insolvency
The lawsuit also centers on an alleged fraudulent transfer involving a Florida property owned by R&R Express Properties LLC.
On Dec. 29, 2025 — while negotiations with lenders were ongoing and R&R was allegedly insolvent — R&R founder Richard S. Francis and his wife allegedly transferred ownership of a Marco Island, Florida, property valued at approximately $10.4 million from the company to themselves personally, according to court filings.
The plaintiffs allege the transfer was rushed to claim a homestead exemption and shield the asset from creditors, occurred without lender consent and constituted a default under loan agreements.
On the same day, the Francises granted a $5.3 million mortgage on the property to Centennial Bank, despite the property already being encumbered by a Huntington mortgage.
As of Jan. 5, 2026, the outstanding balance on the operating loans totaled approximately $40.9 million, excluding fees and costs, according to court documents.
Huntington is seeking to unwind the transfer, void Centennial’s mortgage and recover damages, alleging the transaction was made with intent to hinder, delay or defraud creditors.
Carriers left unpaid as operations collapsed
FreightWaves has reported extensively on the collapse of R&R Family of Companies, including the sudden Jan. 12 shutdown of its Taylor Express trucking unit, which left some drivers stranded without fuel cards, lodging or travel support.
In Part 1 of this series, FreightWaves reported that R&R executives failed to respond to repeated requests for comment as payment concerns mounted.
Related: R&R Family of Cos. faces uncertainty amid exec departure, payment concerns
In Part 2, former employees described months — and in some cases years — of operational strain, internal overrides and financial stress preceding the collapse
As carrier complaints continue to surface online, the lawsuit sheds new light on why invoices may have gone unpaid — and why recovery for unsecured creditors could be limited.
Related: Former employees detail turmoil before R&R Family of Companies collapsed
No bankruptcy filing yet
FreightWaves attempted multiple times to contact R&R Family of Companies for comment but did not receive a response. No bankruptcy filing has been confirmed as of publication.
The Florida case remains pending.
