Blue Thunder Trucking: 36-Year Legacy Ends

Blue Thunder Trucking Inc., a 36-year-old Illinois freight powerhouse based in Broadview, Illinois, has ceased operations. The company and its affiliates filed for Chapter 7 bankruptcy on July 19, 2024. Here's the information:

The Breakdown:

• 75 drivers and 75 power units at the time of filing (At one time Blue Thunder had 130 tractors and 220 trailers)
• Up to 199 creditors left in the lurch

Safety Concerns:

• 43% out-of-service rate (nearly double the national average)
• Blue Thunder trucks had 6 injury crashes and 5 tow-aways in the past two years

Key Companies Involved:

Blue Thunder Trucking:

• Founded in 1988 by Michael J. Irwin, the company grew to 130 tractors and 220 trailers.
• No official reason given for the bankruptcy filing.

B.T. Transportation Group:

• Formerly B.T. Truck Brokerage, filed for Chapter 7.
• Assets and liabilities each between $100,000 and $500,000.
• Surety bond canceled right after filing for bankruptcy.

JPL Transport Inc.:

• Filed for liquidation with assets up to $50,000.
• Liabilities: $50,000 - $100,000.
• Received $1.5 million in PPP loans during the COVID-19 pandemic. $1.1 million of the loan was forgiven.

Rysoti Inc.:

• Listed assets of $100,000 - $500,000.
• Liabilities between $1 million and $10 million.
• Up to 49 creditors.

What's Next:

U.S. Bankruptcy Judge David D. Cleary has give Blue Thunder until Aug 2. to submit their schedule of assets and liabilities, along with their statements of financial affairs. In addition to this, a meeting with creditors has been set for September 5.

No official reason has been given by Michael J. Irwin, founder, for filing for bankruptcy.

Sources: FreightWaves