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Trucking, logistics and airfreight providers are collectively owed hundreds of hundreds of pounds soon after a Texas freight forwarder submitted Chapter 11 bankruptcy previously this 7 days.
Atlantic Around the world Transport LLC of Houston submitted its petition in the U.S. Bankruptcy Court docket for the Southern District of Texas on Tuesday.
In its filing, the freight forwarder lists its belongings as between $100,000 and $500,000 and its liabilities as concerning $1 million and $10 million. The business states that it has up to 49 lenders and maintains that resources will be offered for distribution to unsecured lenders.
The freight forwarder’s list of secured collectors involves North Mill Credit Believe in of Mill Valley, California, owed just about $87,000 for a 2020 Freightliner and the U.S. Compact Organization Administration, headquartered in Washington, owed $149,000.
Amid Atlantic Worldwide Shipping’s prime nonpriority unsecured collectors are: Al Shamali International Freight Services LLC of Dubai, United Arab Emirates, owed more than $1.4 million logistics payment system PayCargo LLC of Miami, owed about $745,000 and CaroTrans International of Houston, owed much more than $18,000. It also owes Landstar Techniques Inc. of Jacksonville, Florida, nearly $8,000.
Atlantic Throughout the world Shipping’s personal bankruptcy petition lists numerous trucking organizations amongst its priority unsecured lenders, which involve: Kukhianidze Transportation of Morrisville, Pennsylvania, owed virtually $4,300 Z7 Transportation Inc. of Glendale, California, owed above $2,000 and Manukyan Transportation Inc., also of Glendale, owed $1,900.
In accordance to Atlantic Throughout the world Shipping’s financials, its gross revenues from Jan. 1 until finally its personal bankruptcy submitting date are around $450,000. Its petition states the enterprise made nearly $2.1 million in 2020 and around $2.2 million in 2019.
Madhavadas Nair is detailed as the typical manager of Atlantic Globally Shipping. As of publication, Nair did not react to FreightWaves’ ask for trying to get comment.
Lawful woes
The enterprise is battling four breach of deal lawsuits that are pending in opposition to Atlantic Globally Delivery and Prijl Kumar Sasidharan, a codebtor of the firm, from Missouri City, Texas.
Merchant Funds of Brooklyn, New York, filed suit in Nassau County Supreme Court docket in Mineola, New York, for practically $105,000.
Breach of deal satisfies submitted towards Atlantic Around the globe Shipping and delivery in Kings County Supreme Court docket in Brooklyn are by Tiger Capital Team LLC of Flushing, New York, owed virtually $410,000 Stat Funds Funding of Brooklyn, owed just about $207,000 and Novus Money Funding LLC of New Metropolis, New York, owed in excess of $70,000.
A creditors’ meeting is scheduled for Aug. 26.
See linked articles:
Truckers owed hundreds of countless numbers immediately after glass fabricator, affiliates file bankruptcy
Trucking, logistics corporations owed hundreds right after freight forwarder data files Chapter 7
Ohio transportation firm, 3 trucking affiliate marketers file for Chapter 11 bankruptcy
Illinois trucking company with background of HOS violations files Chapter 7
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