The hard-charging price of gas and, more specifically, diesel fuel, appears to have created a bankruptcy crisis at yet another sector of the economy -- freight carriers.
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The struggles of auto parts makers and Detroit's Big Three have been highly publicized, but these issues -- which started with high commodity prices back in 2004 and created another wave with volume production in the past two years -- are largely old hat by this point. Now, the wave of trucking companies filing for bankruptcy has apparently already begun. As of Thursday, no fewer than six such companies had filed for Chapter 11 -- Jevic Holding Corp., JHT Holdings Inc., Alvan Motor Freight Inc., Saint Michael Motor Express, Hoosier Tradewinds Inc. and most recently, Jim Palmer Trucking. Jevic and Alvan are liquidating, and the rest of those companies, save perhaps JHT which has already filed a reorganization plan, will have to do all they can to avoid the same fate. And from the looks of things, the worst may not be over.
As we reported on Tuesday, Greatwide Logistics Services Inc. defaulted on interest and principal payments on more than $400 million in debt in June. Though Greatwide did reach a forbearance agreement with its lenders, allowing it breathing room to negotiate amendments to its credit facilities, it's certainly possible that Greatwide becomes the next in what's becoming a long line of truckers to fall into court protection. - Ben Fidler
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Swift Transportation Inc. owns the following;
1. 60% of Werner Trucking (thats why you see them pulling trailers owned by Swift and another company they bought that was based in Memphis Tn.
Also Jerry Moyes put that 60% of Werner Trucking in his wifes name.
2. 100% of Laidlaw
3. 100% of Greyhound (and its new parent corperation that is now based in Great Brittian)
4. 100% of the largest trucking company in Mexico
They tought us this in class at the Swift Driving Academy in Millington and as that I am suing them I have gone to great lengths to verify this.
Notice to Swift Transportation Inc.
220 S 75th Ave.
Pheonix, Az. 85043
&
Driver Facts / Driver Services Inc.
5761 E. La Palma Ave. Anaheim, CA 92807
If any of you care about keeping what you have then you had better correct the LIES that you and Swift are telling about me on your site or I will without care take everything you have from you all. I am the person who turned in Swift to the USDOT and FMCSA in part for giving CDL's to people who did not deserve one according to Federal and State Law. One of the guys that I personally witnessed getting a CDL was an ex Marine thrown out of the Marines for being a fruit loop who was at the time on Anti- Psychotic Drugs at the Swift school in Millington TN. Another guy was from some African Country (not a US Citizen) and he could not hardly speak or read any English at all and he caused an accident by running another driver off the road on the on ramp to the highway on his practice run for his driving test putting that drivers rig in ditch and shoulder of the ramp. This according to TN. State Law is supposed to be an automatic one-year suspension of his CDL Permit to learn how to drive. Swift driving school employees made sure he passed and got his CDL because he paid CASH for his school and did not get a student loan. Also according to Federal and State Law all holders of a CDL must be able to speak and read English fluently. Both these to guys were assigned to my motel room and assigned to my four-man student-driving group. I wrote a complaint to the company (Swift) about this while I was in my third week of school (class 574 June of 2007) and that is when Swift and its employees chose to deliberately assign me to a truck after I graduated that they new was infested with Wood Ticks without telling me that said truck was infested. This truck and driver that I was assigned to drive with were told about to us all in class one day and come to think about it after I filed said complaint. But they did not say in class that day who the driver was or what the truck number was. The Swift Schools in Millington Tn. and Memphis TN. along with Swifts Terminal and East Coast headquarter Offices in Memphis were RAIDED by Homeland Security, Secret Service, FBI and other various State of TN. Law Enforcement agencies because of information I turned over to them about Swift Transportation Inc. and their ILLEGAL practices and operations. Correct the LIES told by Swift Transportation Inc. on your site immediately or suffer the consequences.