Freight bankruptcies pile up as carriers, logistics firms seek court protection

Why it matters: The latest bankruptcy filings show financial pressure continuing to work through the freight economy, with both small carriers and larger logistics and distribution companies confronting debt loads, thin asset bases and restructuring challenges.

A wave of bankruptcy filings swept through the freight and logistics sector from late July through Aug. 25, hitting trucking companies, freight forwarders, distributors, warehouses and other supply-chain businesses across the U. S.

At least 21 transportation and logistics-related companies included in bankruptcy filings reviewed by FreightWaves sought Chapter 7 liquidation or Chapter 11 protection during the period. The companies range from single-truck carriers to national distributors with hundreds of millions of dollars in assets and liabilities.

The filings underscore how financial hardship remains uneven across the freight economy, with small trucking companies struggling alongside larger logistics and distribution businesses. Among the largest was BFG Supply Co. LLC, an Indianapolis-based horticultural and agricultural supply distributor that filed for Chapter 11 protection Aug. 18 in Delaware.

The company estimated both assets and liabilities between $100 million and $500 million and reported more than 100,000 creditors. BFG operates a national network of 15 warehouses carrying more than 100,000 SKUs from over 1,000 manufacturers. The company had approximately 454 employees as of April, according to information compiled with the bankruptcy filing.

Several of the filings involved trucking companies with only a handful of power units. Anchor South Transport LLC, an Albertville, Alabama-based carrier with 14 trucks and 12 drivers, filed for Chapter 11 protection July 28. The carrier reported nearly $1. 4 million in assets against approximately $2.

2 million in liabilities, with banks and other financial institutions holding secured claims against equipment. Court schedules put Anchor South’s assets at $1. 396 million, including more than $1. 1 million in machinery, equipment and vehicles.

Black Lion Transportation and Truck Repairs LLC of Peachtree Corners, Georgia, filed for Chapter 11 bankruptcy July 29. The company estimated both assets and liabilities between $100,001 and $500,000 and elected to proceed under Subchapter V, a streamlined Chapter 11 process for qualifying small businesses.

Black Lion Transportation and Truck Repairs’ creditor list includes Renasant Bank, which held claims tied to a 2023 Peterbilt 579 and two 2023 Great Dane trailers. The filing also lists tax, toll and other business debts. Kings of the Road Transport LLC, based in Sanford, Florida, filed for Chapter 7 liquidation July 28.

Court schedules show just $77,000 in assets — all machinery, equipment and vehicles — against $393,380 in liabilities. Another notable trucking bankruptcy came from Stoneman Trucking LLC of Breckenridge, Michigan, which filed for Chapter 11 protection Aug. 11. The company elected Subchapter V treatment. Its schedules list about $1.

03 million in assets against $892,187 in liabilities, including $774,000 in secured claims and $118,187 in nonpriority unsecured claims. PLR Transport Inc. of Pembroke Pines, Florida, presented one of the sharpest asset-to-debt imbalances among the trucking filings. The carrier filed Chapter 7 on Aug. 21 with just $21,520 in assets and nearly $5.

33 million in liabilities, including more than $5. 25 million in nonpriority unsecured claims. PJM Distributors LLC of North Miami Beach, Florida, also filed Chapter 7, on Aug. 12. Its schedules list $125,086. 94 in assets and $464,342. 13 in liabilities.

The company told the court that after administrative expenses are paid, no funds are expected to remain for unsecured creditors. Other small carriers seeking liquidation included Aneiro’s Trucking LLC of Moreno Valley, California; R3 Hauling LLC of Northbrook, Illinois; AP Freight Inc. of Lake Zurich, Illinois; and DD Freight Express Inc.

in the Chicago area. Aneiro’s, which has six trucks and six drivers, listed assets of up to $100,000 and liabilities between $100,001 and $1 million. R3 Hauling, a one-truck carrier, reported the same asset and liability ranges, while one-truck AP Freight reported both assets and liabilities of no more than $100,000.

DD Freight Express filed Chapter 7 on July 27. The carrier previously reported 40 power units and 40 drivers in federal records, although its bankruptcy filing listed eight tractors among its owned assets. The company reported at least $223,000 in assets and only $2,930 in liabilities.

Financial stress reaches freight forwarding, warehousing The filings extended well beyond motor carriers. Jet-Speed Logistics (USA) LLC, an international freight forwarder and customs broker, filed Chapter 11 in Illinois on Aug. 25.

The company estimated assets of $50,000 to $100,000 and liabilities between $1 million and $10 million, with between 200 and 999 creditors. Jet-Speed continues to provide in