Plus, the latest on Atlantic hurricane forecasts, Portex's $6.5M raise, and a looming US port strike.
AccuWeather reduces 2024 Atlantic hurricane projections after unusual August. Fewer storms expected, but season's already seen major impacts.
Freight management platform Portex secures $6.25M in seed funding to transform logistics for small and midsize shippers with AI-powered, user-friendly platform.
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
Ray's Transport files Chapter 11 after $1.2M Stellantis judgment. Continues operations as route broker.
Surge Transportation emerges from bankruptcy with a successful reorganization, setting new industry precedents.
Illinois trucking company Blue Thunder files for Chapter 7 bankruptcy, idling 75 drivers, and leaving up to 199 creditors in the lurch.
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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