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Three trucking-related businesses file for bankruptcy amid rising costs and regulatory pressures.
A few more bankruptcies have hit the freight industry. Here’s a look at what’s happening with Patriot Transport, Expeditor Systems, and Toro Trucking Academy.
Two Illinois-based trucking companies, Patriot Transport and Expeditor Systems, have filed for Chapter 11 bankruptcy protection. Both companies aim to reorganize under the leadership of Igor Terletsky.
Patriot Transport:
Expeditor Systems:
Both companies have faced operational challenges, leading to their current financial struggles.
Toro Trucking Academy, a CDL training school in the Pacific Northwest, has also shut down and filed for Chapter 7 bankruptcy. Blaming market forces and increasing operational costs, the school ceased operations after over a decade of training professional drivers.
Toro Trucking Academy:
The academy ensured all students completed their training before closing.
Patriot Transport and Expeditor Systems: Both companies cited a need to reorganize their debts and operations.
Toro Trucking Academy: The academy blamed "market forces," including rising fuel prices, increasing regulations, and higher personnel costs, for its closure. They also said operating in business-unfriendly states like Washington and Oregon added to their challenges.
Sources: FreightWaves (Trucking Companies) | FreightWaves (CDL School)
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