Transplus Bankruptcy: A Setback for Small Truckers
Over 60 small trucking companies face significant debt as Transplus Freight files for bankruptcy, highlighting the challenging dynamics within the logistics sector.
Mississippi-based firm, Transplus Freight System Inc., files for bankruptcy liquidation, leaving over 60 small trucking companies collectively in millions of dollars of debt. Citing assets of up to $50,000 and liabilities between $1 million and $10 million, Transplus has announced no funds will be available for unsecured creditors post-administrative fees. Amid a year of declining freight volumes and rates, this move starkly underlines the mounting challenges and uncertainties for trucking companies and freight brokerages.