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Home > Forum > Another Bankrupt Company

Another bankrupt company

Mar 14, 2024 at 10:02 PM CST
+ 1 - 1
Posted by a private FlatLoads.com member.
Posted by a private FlatLoads.com member.
https://www.freightwaves.com/news/illinois-trucking-company-with-171-drivers-files-for-bankruptcy Nationwide cargo files for chapter 11. Goes to show. Cheap rates. Cause bankruptcy. Even for larger companies. Watch the creditors cry but were probably share holders in the businesses that didn't want to pay good rates
Replied on Fri, Mar 15, 2024 at 10:04 AM CST
+ 1
Posted by a private FlatLoads.com member.
Posted by a private FlatLoads.com member.

This is how supply and demand works. And survivial of the fittest.
Replied on Fri, Mar 15, 2024 at 10:04 AM CST
+ 1
Posted by a private FlatLoads.com member.
Posted by a private FlatLoads.com member.

To be honest I don't know how any trucking company with hired drivers is making any money right now. At the moment I'm taking a little break from trucking. It's a slow time of year and rates are soft.

Replied on Fri, Mar 15, 2024 at 03:30 PM CST
+ 1
Posted by a private FlatLoads.com member.
Posted by a private FlatLoads.com member.

While I understand the frustration with the current state of the transportation market, it seems there was more at play here. The article suggests an owner who is funneling cash under the table into other companies they own. Hard to survive subpar rates while skimming off the top.