St. Louis-based reefer Angie’s Transportation filed for Chapter 11 bankruptcy last month amid financial turmoil, according to a court filing.
The carrier will use its assets, which exceed its liabilities of less less than $1 million, to pay off secured creditors, the voluntary bankruptcy petition said.
BMO Bank, Daimler, Paccar and Volvo are among the company’s secured creditors. Wex Bank is its sole unsecured creditor, with a claim of $120,000. The bankruptcy also includes an affiliate of the carrier, STL Equipment Leasing.
In early 2023, Angie’s had 80 power units and 60 drivers, according to Federal Motor Carrier Safety Administraiton data.
Last week at a bankruptcy court hearing, parties discussed selling a group of three trailers that were in a lease-to-own arrangement, where the debtors found a purchaser willing to pay $120,000 for the batch.
Another hearing will be held at 2 p.m. CST Thursday in federal bankruptcy court in St. Louis as “the parties seek to negotiate longer-term arrangements,” according to a judge’s order.
The freight recession has dragged performance for many companies given lackluster demand and rates.
BMO, a major trucking business lender, reported in early December that the value of its transportation loan impairments continued to escalate.
Meanwhile, companies such as C.H. Robinson and J.B. Hunt have sought to rally investors, noting their investments are preparing their firms for the next upcycle.
