California drayage carrier enters bankruptcy amid mounting debts

A Southern California-based trucking institution focused connected larboard and intermodal freight has filed for Chapter 11 bankruptcy protection, citing mounting debts tied to leases, vendor obligations and declaration disputes.

National Road Logistics LLC filed for bankruptcy connected Monday successful the U.S. Bankruptcy Court for the Central District of California, according to tribunal documents.

The Signal Hill, California-based bearer reported estimated assets betwixt $1 cardinal and $10 million, with liabilities besides falling wrong the aforesaid range.

The institution indicated it expects funds to beryllium disposable for unsecured creditors arsenic portion of the restructuring process.

The filing shows important vulnerability to ample unsecured claims, including:

• Nordstrom: $9.5 cardinal tied to a lease deficiency

• Prologis Management: $8.3 cardinal successful vendor-related claims

• Sunshine Distribution: up to $7.5 cardinal successful breach-of-contract claims

Additional obligations see instrumentality leases, chassis rentals and vendor payables crossed logistics and proscription partners.

The institution besides disclosed secured claims totaling astir $7.5 million, including liens tied to financing arrangements and ongoing ineligible disputes.

Court filings amusement National Road Logistics held astir $1.6 cardinal successful full assets astatine the clip of filing, including:

• $411,000 successful cash

• $655,790 successful accounts receivable

• ~$354,000 successful retirement-related accounts

• Limited rolling stock, including 2 Freightliner Cascadia tractors valued astatine astir $31,000

According to Federal Motor Carrier Safety Administration data, National Road Logistics operates a comparatively tiny fleet of 27 powerfulness units and employs astir 35 drivers.

The bearer chiefly hauls wide freight and intermodal containers successful interstate operations, indicating a concern exemplary intimately tied to Southern California larboard activity, including the ports of Los Angeles and Long Beach.

National Road Logistics officials declined to remark astatine this time.

The station California drayage bearer enters bankruptcy amid mounting debts appeared archetypal connected FreightWaves.