Dive Brief:
- Texas International Enterprises filed for Chapter 11 bankruptcy on Dec. 6, according to a court document.
- The Laredo-based company has some $10 million to $50 million in estimated assets and liabilities, based on the filing.
- As of Jan. 9, the general freight interstate carrier had 280 power units and 600 drivers, according to a Federal Motor Carrier Safety Administration database.
Dive Insight:
Excess capacity and lower freight volumes are keeping rates depressed, making the freight market increasingly difficult for some trucking companies to remain operational, noted Jerry Maldonado, chairman of the Laredo Motor Carriers Association.
“We hope all of our trucking partners can remain successful and continue operating; unfortunately, that has not been the case for several companies, not only in Laredo but across the country,” he told Trucking Dive in an email Friday.
For the 12-month period ending Sept. 30, business bankruptcy filings rose 5.6% year over year, according to U.S. Courts data. That’s included carriers such as Kal Freight and Balkan Express.
But bankruptcies, particularly reorganizations under Chapter 11, can just be temporary setbacks. Dolche Truckload, which filed for bankruptcy in June, previously noted that it made the move to restructure debts.
