Posts tagged Chapter 7
Huge shipping company shuts down and files Chapter 7 bankruptcy
July 10, 2024 // A review of the Texas Workforce Commission website shows that U.S. Logistics Solutions did not file a 60-day notice to employees that's required under the Worker Adjustments and Retraining Notification Act for companies with more than 100 employees. Failure to file the notice led a former employee on June 24 to file a class-action adversary proceeding complaint in the U.S. Bankruptcy Court against the debtor. The Charlotte, N.C.-based private equity firm in a statement said that all of the shipping company's employees had received their final paychecks, according to FreightWaves.
Key shipping company shutters operations; bankruptcy uncertain
April 23, 2024 // The U.S. logistics industry has been battling with financial distress this year with companies filing for Chapter 7 bankruptcy to liquidate, Chapter 11 reorganization, downsizing operations or just shutting down operations.