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Central California Cartage, a freight logistics company, faces bankruptcy with significant debts and a drop in revenue.
Central California Cartage, a drayage company based out of Goshen, California, has officially filed for Chapter 7 bankruptcy. Here's what you need to know:
In November of 2023 the company, which hauled general freight, had its authority revoked by the Federal Motor Carrier Safety Administration, leading to a sudden stop in operations. The bankruptcy documents reveal a drastic decline in income, going from $9.6 million in 2022 to about $5.8 million in 2023. By 2024, operations had ground to a halt, indicating an end of business activities.
The inspections tell us everything we have to know.
Surprise Stat: The company's out-of-service rate for trucks was boldly above the national average, spotlighting potential safety and compliance issues that could have contributed to its downfall.
Source: FreightWaves
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