Plus: The US Chamber of Commerce challenges the FTC ruling on banning non-competes, Covenant Logistics' profits plummet, and Tesla postpones Semi production until late 2025.
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.
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 major Canadian carrier and leasing firm has been rocked by a massive $100 million lawsuit from Mitsubishi HC Capital America. This move offers a temporary shield against the storm of claims totaling $637 million from over 20 lenders.
Yellow sought bankruptcy court to tackle its pension fund claims to avoid arbitration. Meanwhile, the Teamsters fended off Yellow's breach of contract accusation earlier this week.
