A MAJOR trucking company has assured its customers and partners that it isn’t shutting down anytime soon.
The Indiana-based company has been in business for over 80 years.
Elmer Buchta Trucking filed for Chapter 11 bankruptcy protection early last month.
The company transports coal and began facing cash flow issues after the price of coal declined in December 2022.
Despite previous reports, Elmer Buchta Tracking confirmed that it is not closing down.
“We want to strongly emphasize that Elmer Buchta Trucking will not be closing its doors, but rather embarking on a new chapter that will solidify our position in the industry,” the company wrote in a statement.
“The decision to file for Chapter 11 bankruptcy was a carefully considered move to restructure our debt, streamline our operations, and positions us for future expansion.”
“Our core business remains strong and this step will enable us to better serve our customers, partners, and employees.”
The company employs 100 drivers and 236 vehicles and is looking to increase staffing by more than 20 percent in the coming months.
“This expansion is a testament to our commitment to our dedicated team members, who have been instrumental in our success thus far.”
Elmer Buchta Trucking listed its assets between $1million and $10million and its liabilities between $10million and $50million.
A BEACON OF HOPE
Several companies have filed for bankruptcy this year and have been able to bounce back.
Most recently, Instant Brands announced it was being bought by Centre Lane Partners.
Instant Brands, which owns several brands like Pyrex and Instant Pot, first filed for bankruptcy on June 13. The sale is expected to close in the fourth quarter of 2023.
“We believe our Company’s sale to Centre Lane Partners represents the best path forward for our customers, retail partners, suppliers and employees,” said Ben Gadbois, president and chief executive officer of Instant Brands, in a press release.
“Through this process, we have found a great solution to fix our unsustainable capital structure that allows our business to continue driving innovation through our portfolio of iconic brands for consumers around the world.”
The company was able to stay in business throughout this time, and none of its brands outside of the US or Canada were affected.
Meanwhile, three airlines declared bankruptcy last month.
Plus, a 24-year-old is sharing why she declared bankruptcy after taking out a loan for a vacation.
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