The huge trucking and logistics company suffers from macroeconomic and industry headwinds that are driving the Great Freight Recession.
41-year-old trucking company giant files Chapter 11 bankruptcy
An industry turnaround could help giant trucking and logistics company STG Logistics Inc., which has struggled in the Great Freight Recession for over three years and filed for Chapter 11 bankruptcy protection to restructure about $1.2 billion in debt and seek a sale of its assets.
The Dublin, Ohio-based shipping company and 64 affiliates filed their petition in the U.S. Bankruptcy Court for the District of New Jersey on Jan. 12, listing about $1.16 billion in funded debt obligations, and $1 billion to $10 billion in assets and liabilities in its petition, according to Epiq Global.
STG’s largest unsecured creditors include Union Pacific Railroad, owed over $13.4 million; CSX International, owed over $1.4 million; Kansas City Southern de Mexico SA de CV, owed over $1.3 million; Personal HR Services LLC, over $1.2 million; APF-FBO Vitality Staffing, owed over $1 million; and Selective Personnel Inc., owed over $957,000.
STG Logistics files for bankruptcy
The huge trucking and logistics company suffers from macroeconomic and industry headwinds that are driving the Great Freight Recession.
41-year-old trucking company giant files Chapter 11 bankruptcy
An industry turnaround could help giant trucking and logistics company STG Logistics Inc., which has struggled in the Great Freight Recession for over three years and filed for Chapter 11 bankruptcy protection to restructure about $1.2 billion in debt and seek a sale of its assets.
The Dublin, Ohio-based shipping company and 64 affiliates filed their petition in the U.S. Bankruptcy Court for the District of New Jersey on Jan. 12, listing about $1.16 billion in funded debt obligations, and $1 billion to $10 billion in assets and liabilities in its petition, according to Epiq Global.
STG’s largest unsecured creditors include Union Pacific Railroad, owed over $13.4 million; CSX International, owed over $1.4 million; Kansas City Southern de Mexico SA de CV, owed over $1.3 million; Personal HR Services LLC, over $1.2 million; APF-FBO Vitality Staffing, owed over $1 million; and Selective Personnel Inc., owed over $957,000.
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Article By: Kirk O’Neil
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