Massive trucking company files for Chapter 11 bankruptcy
PennLive.com • • business
Key Points:
- STG Logistics, a Dublin, Ohio-based trucking company and the fourth-largest asset-based intermodal marketing company in the U.S., has filed for Chapter 11 bankruptcy protection amid the ongoing "Great Freight Recession."
- The pre-negotiated bankruptcy plan eliminates 91% of STG’s nearly $1 billion debt and provides $114 million in new capital to support business operations and compensate employees and vendors.
- The company expects to exit bankruptcy protection in about five months while continuing normal operations during the restructuring process.
- CEO Geoff Anderman emphasized that the Chapter 11 process will position STG for long-term growth despite the severe freight recession, expressing gratitude to employees, customers, and partners for their support.
- Additional details about the bankruptcy proceedings
