Another one bites the dust (Northwind Logistics)

What did you expect seeing they are affiliated with New Century Transportation who shutdown on Monday, you will be part of the bankruptcy procedures if and when they actually file for CHAPTER 7

 

Man sorry to hear it; this is what happens when business owners pursue a debt versus equity growth strategy.

 

Westampton, New Jersey, June 11, 2014 -- New Century Transportation, Inc. (“New Century” or “the Company”) today announced that the Company and its subsidiaries NorthWind Logistics, LLC and Western Freightways, LLC, will file a chapter 7 bankruptcy in the United States Bankruptcy Court for the District of New Jersey on June 11, 2014.
New Century is a leading provider of national truckload and less-than truckload services throughout the United States and Canada. On January 28, 2014, New Century was ranked among the top 101 trucking companies for 2014 by Global Trade magazine, a leading transportation industry trade journal. New Century employees over 1,500 people, with many employees based in New Jersey and Colorado.
New Century and its lenders diligently attempted to find solutions to deleverage the Company’s balance sheet; ultimately, however, a consensual agreement could not be reached. The Companies, in consultation with their legal and financial advisors, have determined that the best way to maximize value for the benefit of all creditors is to wind down the Companies in a bankruptcy proceeding.
“First and foremost, it is with great sadness that we make this announcement.” said Terrence M. Gilbert, Chief Executive Officer of New Century. “This difficult decision follows a comprehensive strategic and financial review of the business. The Board of Directors has determined that the actions we are taking represent the best alternative under difficult circumstances.” He continued, “We are extremely grateful to all of our employees for their dedicated service to the Company. We are committed to treating those who are affected by these events with the respect and dignity they deserve and will support them as best we can in their transition.”