Nothing to see here...

I think this article gives more details. All trucking companies have very thin margins and risk becoming next NVH Transportation.

150 HVH Transportation drivers still stranded two days after company’s abrupt closure - FreightWaves

 

Ok u have to have minimum of 500,000 cash in the bank in order for bank to do business with u .. U have 300+ power units. If each truck has gross revenue of 100k thats 30 million in gross revenue. Then they was awarded 15 million in some business award. And u cant keep 500k in the bank? And the dispatcher saying the ceo is lieing about getting drivers home. This smells like somebody is taking some off the top. There is no way a business that large has trouble keeping 500k in the bank unless somebody is taking from it. And i wonder if thats what the bank thinks to thats why they decided to pull the technicality out of the book and say u dipped below the minimum and now u defaulted on ur loan,.. I really wonder there has to be something else going on behind the scenes.

 

I don’t think there’s anything going on behind the scenes. I think banks getting their loan practices tightened.
HCI wanted a concession from the bank that would allow the motor carrier to sell its old equipment in order to upgrade its trailer fleet.
I see a lot of companies moving cheap freight racking up miles on their trucks. Evidently this company had outstanding debt on their older trucks. And they wanted some kind of loan discount in order to sell this equipment without incurring further debt. At this point their bank decided to freeze their accounts to ensure that they (bank) get their loans repaid.

 

Nations Way returns?