A shuttered Illinois-based trucking firm that after hauled normal freight, drinks and paper merchandise not too long ago filed for chapter liquidation.
Mighty Transfer Transportation LLC of Dolton, Illinois, had 70 energy items and 75 drivers on the time of its closure, in keeping with the Federal Motor Service Security Administration’s SAFER web site.
The five-year-old provider, Mighty Transfer Transportation, which additionally hauled liquids and gases, filed its petition within the U.S. Chapter Court docket for the Northern District of Illinois on Thursday. The petition lists Charles W. Sanders as CEO of the trucking firm. No motive was given as to why the provider, which additionally had a department in Fort Wayne, Indiana, filed for Chapter 7.
Mighty Transfer Transportation is represented by chapter legal professional Charles L. Magerski of CLM Legislation Group, P.C. in Lansing, Illinois.
FreightWaves has reached out to each Magerski and Sanders for remark.
In its Chapter 7 petition, Mighty Transfer Transportation lists its property as as much as $50,000 and liabilities as between $500,000 and $1 million. The corporate, which has as much as 49 collectors, maintains that no funds might be accessible for distribution to unsecured collectors after administrative charges are paid.
Based on Mighty Transfer Transportation’s financials, its gross revenues from Jan. 1 till its chapter submitting date are round $2.3 million. Its petition states the corporate made almost $4.5 million in 2023 and about $4.7 million in 2022.
Based on the FMCSA, Mighty Transfer Transportation’s working authority was granted in March 2019 and stays energetic, together with Its Bodily Harm Property Harm Protection (BIPD) insurance coverage. Over the previous 24 months, Mighty Transfer Transportation didn’t have any driver or automobile inspections and no deadly, damage or towaways have been reported over the identical time interval, in keeping with FMCSA knowledge.
4 months earlier than the corporate’s closure and chapter submitting, Mighty Transfer modified its variety of energy items from 50 to 70 on its MCS-150 kind. It saved the identical variety of 75 drivers because it beforehand listed in its earlier filings.
Among the many firm’s prime collectors with the biggest nonpriority unsecured claims embody RTR Restoration LLC of New York, New York, owed almost $194,000; The Fundworks LLC of Salt Lake Metropolis, Utah, is owed greater than $113,000; and Apollo Funding Co. of East Rochester, New York, which is owed greater than $102,000.
Sanders, on behalf of Mighty Transfer Transportation, utilized for and acquired a Paycheck Safety Program (PPP) mortgage from the Self-Assist Credit score Union for almost $408,000 in Might 2020, from Self-Assist Credit score Union. His utility acknowledged that Mighty Transfer Transportation had 110 trucking jobs and had month-to-month payroll bills of almost $408,000. The trucking firm’s mortgage quantity was forgiven for over $413,000, which incorporates any accrued curiosity.
