Illinois Trucking Company Files For Chapter 11 Bankruptcy

Nationwide Cargo of East Dundee, Illinois, a trucking company known for hauling general freight, fresh produce, and meat, has declared Chapter 11 bankruptcy. Here's a closer look at the company's journey to this point:

• Foundation and Operations: Established in June 2010, Nationwide Cargo has grown to operate 183 trucks and employ 171 drivers.
• Financial Turmoil: The company lists assets of $1 million to $10 million against liabilities of $10 million to $50 million, with no funds expected for unsecured creditors post-administrative fees.
• Safety Record: With a nearly 26% out-of-service rate for trucks and 4% for drivers, the company's safety record stands out in an industry striving for lower averages.
• Recent Performance: From January 1 until the bankruptcy filing, the company generated nearly $9.3 million in revenue. Annual revenues reached around $40 million in 2023 and $34 million in 2022.

The bankruptcy filing raises questions about the future of Nationwide Cargo, as it indicated "restructuring." Furthermore, the involvement in three pending lawsuits in Tennessee, Illinois, and Arizona complicates the situation.

Source: FreightWaves