Elmer Buchta Trucking Files for Bankruptcy
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Elmer Buchta Trucking, a trucking company based in Southern Indiana, has filed for Chapter 11 bankruptcy
protection after over 80 years in business. The prominent transportation and logistics business has been serving the Midwest market and operates from its headquarters in Otwell, Pike County, with a secondary address in Evansville, Indiana. The company filed for bankruptcy earlier this month, and it currently operates a fleet of 236 vehicles while employing 100 drivers. The bankruptcy petition notes that the company's assets fall between $1 million and $10 million, while its liabilities range from $10 million to $50 million.
According to the data from the Federal Motor Carrier Safety Administration, Elmer Buchta Trucking provides bulk, dry van, and pneumatic trucking services. The company's recent financial difficulties occurred under nine months of its acquisition by private equity firm Transport Acquisitions. This acquisition took place after the Wright Family Investment Group had purchased the company in 2008.
If the company is not salvageable, a complete liquidation would cause the layoff of nearly 40 workers. This bankruptcy filing compounds the difficulties confronted by the trucking industry, following another major freight company, Yellow, recently filing for Chapter 11 bankruptcy protection, resulting in the dismissal of 30,000 workers.
Elmer Buchta Trucking's bankruptcy filing and the hardships faced by other freight firms showcase the persistent obstacles in the trucking sector. Such obstacles encompass escalating expenses, labor conflicts, and alterations in market dynamics.