Yet another trucking company has ceased operations, this once citing a dispute with a lender, as well as toe ongoing freight recession and “unprecedented and rampant freight fraud.”
AGX Freight, a provider of logistics, transportation, and supply-chain solutions, with headquarters in Jacksonville, Florida since 2016, announced Friday it has been forced to indefinitely suspend operations due to an ongoing dispute between a related company and a senior secured lender.
All current operations are expected to be closed by Saturday, according to the company.
A statement on AGX’s website said: “As a result of the dispute, the lender has restricted the company’s access to working capital, preventing the company from utilizing available funds to support day-to-day operations.”
“AGX Freight is not in default, and we categorically disagree with the lender’s position as it relates to the company,” said Mike Williams, President of AGX Freight. “We have sufficient working capital on our balance sheet to fund operations, pay employees, agents, and carriers, and continue delivering value for our customers. The issue is not liquidity — it is accessibility.
“In freight logistics, reliability and continuity are everything. Our team has built an exceptional reputation for operational excellence, integrity, and customer service. Being forced to halt operations — not because of business performance, but because of a financial conflict we dispute — is incredibly frustrating and deeply unfair to our employees, agents, carriers, and customers.”
According to AGX’s statement, over the past several weeks, the company has actively pursued a solution to escape the impact of the dispute, including interim access to funds which would have allowed the company to operate until the dispute reached a resolution, secure new financing, and restructure the its ownership, which was well underway prior to the announcement.
The statement continued, “While acknowledging the past two years have been difficult due to overcapacity and lack of economic growth leading to persistent lower rates and margin compression, exacerbated by unprecedented and rampant freight fraud, Williams emphasized that the company’s fundamentals were strong coming into 2026.
“Prior to our forced suspension of operations, the company’s balance sheet was sound, our network was strong, and customer demand remained constructive,” Williams said. “We are committed to working on solutions to this unfortunate situation so we can satisfy our obligations to our stakeholders.”
AGX Freight said will provide additional updates as information becomes available.
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