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Trucking firm Big J Express has filed for bankruptcy amid a significant drop in revenue and debt overhang.
Norcross, Georgia-based trucking company Big J Express has filed for Chapter 7 bankruptcy following a significant drop in revenue this year. The firm listed its assets and liabilities as between $1 million and $10 million, and cited up to 49 creditors. Big J Express' revenue dropped from nearly $6.1 million in 2022 and $5.6 million in 2021 to around $1.5 million until its filing date of July 14, 2023. The bankruptcy filing revealed that the company owes over $2 million to Volvo Financial Services and nearly $1.1 million to Amur Equipment Finance Inc.
Source: FreightWaves
Trucking is headed for the worst year of bankruptcies since 2008. This is one reason why many are forecasting that we've hit bottom in freight rates. As capacity exits, supply should tighten and rates should begin to increase. https://t.co/88nJbo315x
— Benjamin Gordon 🇺🇦🚚✈️ (@benjaminhgordon) July 17, 2023
Plus, a carrier pleading guilty to mob money laundering while still FMCSA-active, Iran's first post-ceasefire attack and what it means for diesel surcharges, FedEx Freight's first earnings as a standalone company, and more in today's newsletter.
Bad carriers are gaming the weigh station system. Plus, C.H. Robinson's own engineer goes scorched earth on Reddit, the Ghost Truck Act gets roasted, and more in today's newsletter.
Plus, STG's path out of bankruptcy, Wyoming's "Truck Around and Find Out" operation, what "phantom capacity" means for Mexico lanes, and more in today's newsletter.
Plus, a cabless autonomous truck just raised $24M, non-domiciled CDLs rules need clarifying, CSX posts a 26% profit jump while watching the UP-NS merger closely, and more in today's newsletter.
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