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Indiana trucking company APL Cargo pursues post-bankruptcy financing deal with factoring company WEX Bank, while battling multiple lawsuits and owing $2.3M in secured debt.
Indiana-based trucking company APL Cargo is navigating choppy waters as it seeks a financial lifeline in bankruptcy court. The company's hoping to keep the wheels turning, but it's got some serious baggage to deal with.
The Money Crunch
APL Cargo filed Chapter 11 on May 31, 2024
Owes WEX Bank, its factoring and fuel card partner, over $2.3M in secured collateral
Seeking court approval for post-bankruptcy financing deal
"The post-petition agreement is critical to [APL Cargo's] ability to maintain operations." - Weston Overturf, APL Cargo's attorney
The Players
APL Cargo (main company)
Indy National Leasing (affiliate)
Ecosmart Trucks (affiliate)
WEX Bank (fuel card and factoring partner)
Bankruptcy Timeline
Creditors' meeting set for June 28, 2024
Proof of claims deadline: September 26, 2024
Plus APL's Legal Mess: APL Cargo's trying to hit pause on two federal lawsuits:
The Mechanic's Nightmare
Filed in Texas by Christian Velazquez
Claims serious injury during roadside repair
Alleges APL driver's negligence caused accident
The Driver Rebellion
Filed in Indiana by former lease-purchase drivers
Seeking class-action status
Claims drivers were misclassified as contractors
Alleges violations of labor laws and unfair leasing practices
"APL drivers who leased trucks or trailers from Indy National weren't allowed to use their equipment to work for other carriers without written permission from APL." - Lawsuit allegation
The Big Picture
APL lists assets and liabilities between $1M-$10M
200-999 creditors in the mix
Company claims funds will be available for unsecured creditors
APL Cargo's fighting a multi-front battle: scraping together cash to keep operating while fending off lawsuits that could seriously damage its reputation and finances.
Can APL pull off this high-wire act, or will it join the growing list of carriers forced to shut down in a tough market?
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
APL Cargo bankruptcy adds to the list of trucking company hits in recent years. Read about the industry struggles and major closures from the past five years.
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