The freight recession is officially over.

it is called "fuel optimization program"
The company computer searches for the best price, or in the case of the larger trucking companies, have bought the fuel on a futures contract, had it delivered to the mega fuel stop, and pay them a couple of cents to put it in the underground storage and pump it back out.

Pilot, TA, Loves all do it. Make as much money on the administrative end, don't actually own the fuel, get the driver into the store because he HAS to stop there, and "take advantage"

Average smaller trucking companies or one off's with their own numbers cannot come close to competing with the 2nd largest expense in running a truck, the price of fuel.

 

A family-owned Missouri trucking company with 265 trucks and 255 drivers recently filed for Chapter 11 bankruptcy protection.

Founded in 1983 by Randall Walker, RBX Inc. of Strafford, Missouri, hauls general freight, beverages and paper products, according to the Federal Motor Carrier Safety Administration’s SAFER website.

 

Probably a strategic move to be ready for better times. So many Industries do this on a regular basis. Trucking, Airlines, Automotive Manufacturers. Bankruptcy isn’t always a death Nail.

 

I don't know a trucking company coming back to life after bankruptcy.

RBX, which hauls freight through the Midwest and Southeast, lists its assets as up to $50,000 and its liabilities as between $10 million and $50 million. The petition lists the number of creditors as up to 199 but did not include the amounts they are owed in its bare-bones petition.

The company states that funds will not be available for unsecured creditors once it pays administrative fees.

FreightWaves has reached out to RBX’s bankruptcy attorney, Sharon L. Stolte, for comment.

U.S. Bankruptcy Judge Brian T. Fenimore has ordered RBX to submit the company’s schedules of assets and liabilities as well as its statement of financial affairs with the court by Dec. 27.

 

Bankruptcy Basics

 

Indeed. Chapter 11 is a powerful tool when used correctly. Chapter 7 is the nuclear option.

 

They filed 11 because they still have assets and plan on keeping them, and still operating. They most likely don’t qualify for 7, without losing assets.

 

Assets as up to $50,000 and liabilities as between $10 million and $50 million.

 

I’d say their chances of being approved for a debt repayment plan look very slim. Maybe they have decent operating revenue. I don’t know anything about chapter 11 exemptions, if any. From what I understand, creditors have to agree, and Judge has to approve the plan.