🎣 Nuclear Verdict vs. Werner
Plus, the latest on Atlantic hurricane forecasts, Portex's $6.5M raise, and a looming US port strike.
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 post-petition agreement is critical to [APL Cargo's] ability to maintain operations." - Weston Overturf, APL Cargo's attorney
Plus APL's Legal Mess: APL Cargo's trying to hit pause on two federal lawsuits:
"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
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?
Source: FreightWaves
Join over 11K+ subscribers to get the latest freight news and entertainment directly in your inbox for free. Subscribe & be sure to check your inbox to confirm (and your spam folder just in case).