Dive Brief:
- Mast Trucking of Kansas filed a Chapter 11 bankruptcy petition on Feb. 10, reporting millions of dollars in unsecured claims.
- The petition involves over $5.7 million in unsecured claims, affecting creditors such as BMO, Daimler Truck Financial and the Small Business Administration.
- The business reported having 55 power units and 56 drivers as of late August, according to a Federal Carrier Safety Administration database.
Dive Insight:
Mast Trucking plans to reorganize through the bankruptcy and is still operating as normal, the company told Trucking Dive.
Customers' experience and drivers are unaffected by the legal proceeding, President Leroy Mast said in an email.
The business has between $1 million to $10 million in assets and at least 100 creditors, according to estimates in the bankruptcy filing.
A multiyear freight recession has been bringing pain to the industry, with other Chapter 11 bankruptcies affecting trucking firms such as Illinois-based Bulmaks and Ohio-based STG Logistics.
Other businesses have pursued mergers and acquisitions amid the challenging environment. For example, Estes Logistics, part of Estes Express Lines, picked up Kent, Washington-based Key Trucking as of Jan. 1.
“The acquisition is a win for both companies, allowing Estes Logistics to expand its footprint into the Pacific Northwest while preserving the legacy Key Trucking has built,” a news release said.
