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Newsome Trucking, based in Jasper, Georgia, is a company that has been in the business for 25 years. However, faced with financial difficulties, Newsome has filed Chapter 11 bankruptcy.
Quick Facts: The company operates with 60 drivers and 33 power units.
The Chapter 11 bankruptcy petition by Newsome Trucking is a bid for reorganization, not closure. With assets and liabilities ranging from $1 million to $10 million, the company's goal is to stabilize its finances. The petition lists up to 49 creditors, with a plan to repay unsecured creditors post administrative expenses.
Operational Insights
Despite the financial challenges, Newsome Trucking has maintained commendable operational standards. Their trucks have a significantly lower out-of-service rate (9.1%) compared to the national average (22.3%). The drivers' record is equally impressive, with no out-of-service instances in recent inspections.
The Path Forward
While Newsome Trucking tackles its financial restructuring, its sister company, KRN Logistics, remains unaffected and operational. Kevin Newsome, president of Newsome Trucking, is at the helm of both entities.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
The US labor market is showing signs of stabilization as the rate of voluntary job quitting approaches pre-pandemic levels and employers implement better retention strategies.
