Turk Transportation filed for Chapter 11 bankruptcy on Tuesday in the U.S. Bankruptcy Court for the Western District of Pennsylvania.
The Carnegie, Pennsylvania-based company, owned by Mehmet Uzun, offers interstate general freight services, according to the Federal Motor Carrier Safety Administration’s SAFER website.
According to Turk Transportation’s four-page voluntary petition, the company has up to $1 million in assets and liabilities of between $1 million and $10 million. The petition states the company has up to 49 creditors.
Some of the 20 largest unsecured creditors include TPine Leasing of Mississauga, Ontario, owed over $398,000; Northland Capital of Saint Cloud, Minnesota, owed over $240,000; and Hitachi of Norwalk, Connecticut, owed over $249,000.
In Turk Transportation’s bankruptcy filing, the company stated it operates a fleet of 18 trucks. Ten of these trucks are driven by independent contractors, and eight are driven by contracted owner-operators. The company employs 16 workers: one executive, 10 drivers, four owner-operators and one service provider.
Turk Transportation requested court authorization to honor its payroll obligations to these workers for wages earned before the petition was filed. The total expected liability for this pay period is $61,192. Uzun, whose job title is “owner-president,” is included on the payroll.
Turk Transportation had previously entered into an agreement with Love’s Financial to fund its business operations in exchange for a security interest as collateral.
In a 16-page court order filed Tuesday, the two companies amended their agreement for Love’s to purchase Turk’s post-bankruptcy accounts, allowing it to continue its business operations and continue paying off its debts.
“Among other things, the entry of this Order will help minimize disruption of the Debtor’s business and operations and permit the Debtor to meet payroll and other operating expenses, obtain fuel, [and] retain customer and vendor confidence by demonstrating an ability to maintain normal business operations,” the order stated.
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