Springfield, Mo.-based O&S Trucking has filed for Chapter 11 bankruptcy protection according to local reports, but in its reorganizing the company is seeking to partner with Prime Inc., a refrigerated, flatbed, and tanker carrier company serving North America, also based in Springfield.
Chapter 11 allows the company to restructure under the court’s guidance, unlike Chapter 7 which would require the sale of the company’s assets.
The bankruptcy protection was filed last week and the next day the company asked the court for permission to enter into a partnership with Prime.
In its filings and in statements made to local media, O&S said it’s goal is to maintain its independence outside of the revenue sharing, allowing its drivers to continue working under current contracts and conditions.
O&S Trucking tries for bankruptcy, partnership
