Kal Freight is likely to be going out of business, but just how that will happen is a subject of dispute in bankruptcy court.
Recent filings paint a stark picture of Nikola’s financial woes, with assets estimated between $500 million and $1 billion against liabilities ranging from $1 billion to $10 billion.
Nikola, a Phoenix-based manufacturer of zero-emissions trucks, announced it will pursue an auction and sale process for its assets as it grapples with ongoing financial difficulties.
A recent Bloomberg report said Nikola is considering a possible sale or partnership as it attempts to raise capital to stay afloat.
Seven-year-old electric vehicle startup Canoo has filed for Chapter 7 bankruptcy and announced an immediate halt to operations weeks after it furloughed its remaining workers and idled its Oklahoma factory.
Crete Carrier highlighted positive trends in holiday and retail demand as customers stage shipments for Halloween and Christmas.
In this edition: Carriers are left with empty promises of payment; Yellow passes on a lifeline; and putting a book into action.
Terminal operator ICTSI has not given up its quest for tens of millions in damages from the West Coast longshore union.
The saga of less-than-truckload carrier Yellow may be coming to a close based on reporting that Yellow’s senior vice president of sales told staff their last day would be this Friday, and that the carrier would file for bankruptcy on Monday.
The largest trucking companies that went bankrupt in 2022 freight recession
2022 brought a recession in the trucking industry, but few large trucking companies declared bankruptcy.
A California trucking and logistics company, which contracts with the U.S. Postal Service to haul mail, recently filed for Chapter 11 bankruptcy protection.
Canadian trucking firm People Express Transport was shut down by a court-appointed trustee following a months-long fight over millions of dollars in debt.
A pair of Canadian trucking companies in the Toronto area, Orbit Freight and Delta Carriers, shut down in close succession before their owner filed for personal bankruptcy.
There are too many airlines in Korea’s domestic market to survive, so the government engineered a merger between Korean Air and Asiana.
Canadian heavy equipment hauler secures Chapter 15 bankruptcy protection, clearing the way for the company to court buyers and investors for its trucking and crane assets in Alberta and Texas.
Canadian judge approves heavy-equipment hauler’s plans to operate under creditor protection as CEO urges U.S. bankruptcy court to recognize proceedings.
Trucking and crane services provider pursues interim financing and court approval to market its Canadian and U.S.-based subsidiaries while under creditor protection.
Alberta-based trucking and crane provider blames COVID-19 and the collapse of the oil sector as it looks to sell off its businesses in Canada and the United States.
Celadon Group says White Willow Holdings made the most viable offer for its Mexico trucking and logistics subsidiaries after a proposed sale to P.A.M. for $7 million fell apart, according to court filing.
Social distancing will wreak havoc on trans-Pacific and Asia-Europe box volumes.
Bankrupt Celadon Group reveals employees in Mexico recently restarted operations of its transportation businesses after labor disputes. Court filings paint a murky picture of what’s happening at the Mexican subsidiaries — including Jaguar Transportation — and who is in charge.
Court orders pave the way for bankrupt Celadon to move forward with existing deals to sell two Canadian properties of Hyndman Transport for a combined C$16.25 million — with a portion set aside for former truck drivers and other personnel.
Celadon Group argues payouts will maximize value during the wind-down of its North American trucking businesses, but the proposal faces resistance from a U.S. federal trustee.
Ex-chief financial officer of Hyndman Transport accuses Celadon in affidavit of depleting funds generated by profitable core business in Canada and hurting former drivers’ and others employees’ ability to claim more than C$2 million in unpaid compensation.
Fleet failures and bankruptcies contributed to a 14% decline in prices in 2019.
The flatbed and oil field service carrier was subject to a class action lawsuit for not paying overtime.
The carrier operated in two markets that have suffered in 2019: flatbed and oil service.
Are the reports of FedEx’s struggles greatly exaggerated?
The top articles of the year generated five key trucking issues of 2019.
Last Friday, December 6, FreightWaves reported that Celadon intended to file Chapter 11 bankruptcy and now the company has made it official. On the surface, it sounds like Chapter 11 will give hope to at least some of the 4,000 employees at the company. Chapter 11 is the process used to describe a restructuring where […]
2019’s unfavorable operating environment claims another truckload carrier.
