Flatbed carrier Arrow Trucking Co. closed suddenly Dec. 22, shutting off its fuel cards and leaving an unknown number of drivers for its 1,400 trucks stranded around the country, industry and federal officials have said. The Federal Motor Carrier Safety Administration issued an “Emergency Order” Dec.

Why are trucking companies filing bankruptcy?

Hendrickson Truck Lines Inc., a small truckload and less-than-truckload carrier based in Sacramento, Calif., declared Chapter 11 bankruptcy Dec. 3, according to federal court documents, blaming a cut in rates and maintenance woes as reasons.

Which is the largest trucking company?

United Parcel Service
100 Largest Trucking Companies

What year did Arrow Trucking go out of business?

2009
Once a thriving business with a national reputation, Arrow Trucking collapsed in December 2009 and left hundreds of truckers stranded all over the country with no way to pay for fuel.

Is comcar going out of business?

Comcar, which employed nearly 1,000 truck drivers, has filed for Chapter 11 bankruptcy. The company will sell off its trucking firms, avoiding the chaos that came when truckload giant Celadon went bankrupt late last year.

When did Arrow trucking file for Chapter 7 bankruptcy?

Tulsa-based Arrow Trucking Co. initiated a voluntary Chapter 7 bankruptcy petition on January 8, seeking to liquidate itself, just hours after being sued by its bank for allegedly engaging in a multi-million-dollar accounts receivable (A/R) fraud.

Are there any trucking companies that are going bankrupt?

Consolidated Freightways. The year 2019 was rocked with a trucking “bloodbath” after two major trucking companies filed for bankruptcy and let go of at least 1,000 truck drivers. But 2019 isn’t’ unique: several trucking bankruptcies throughout the past few decades have left thousands of truck drivers jobless.

When did Arrow trucking go out of business?

Following Moore’s admission, the bank finally pulled Arrow’s line on December 21 and along with it the Arrow fuel cards it backed; a day later the company ceased operations and terminated its employees. Those drivers unlucky enough to be on the road without fuel were told to abandon their rigs and find their own way home.

Where did the Arrow trucking fraud take place?

According to the lawsuit, filed in U.S. District Court in Oklahoma, Arrow executives and affiliates submitted fraudulent invoices to the bank under a factoring facility the two entities maintained. The bank and Arrow Trucking inked the $28 million A/R purchase agreement in November 2008.