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Trucking firm Big J Express has filed for bankruptcy amid a significant drop in revenue and debt overhang.
Norcross, Georgia-based trucking company Big J Express has filed for Chapter 7 bankruptcy following a significant drop in revenue this year. The firm listed its assets and liabilities as between $1 million and $10 million, and cited up to 49 creditors. Big J Express' revenue dropped from nearly $6.1 million in 2022 and $5.6 million in 2021 to around $1.5 million until its filing date of July 14, 2023. The bankruptcy filing revealed that the company owes over $2 million to Volvo Financial Services and nearly $1.1 million to Amur Equipment Finance Inc.
Source: FreightWaves
Trucking is headed for the worst year of bankruptcies since 2008. This is one reason why many are forecasting that we've hit bottom in freight rates. As capacity exits, supply should tighten and rates should begin to increase. https://t.co/88nJbo315x
— Benjamin Gordon 🇺🇦🚚✈️ (@benjaminhgordon) July 17, 2023
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