Trucking, logistics and airfreight businesses are collectively owed hundreds of 1000’s of pounds just after a Texas freight forwarder filed Chapter 11 individual bankruptcy earlier this 7 days.
Atlantic Around the globe Delivery LLC of Houston filed its petition in the U.S. Personal bankruptcy Court docket for the Southern District of Texas on Tuesday.
In its filing, the freight forwarder lists its property as between $100,000 and $500,000 and its liabilities as in between $1 million and $10 million. The business states that it has up to 49 collectors and maintains that funds will be obtainable for distribution to unsecured collectors.
The freight forwarder’s checklist of secured collectors contains North Mill Credit score Rely on of Mill Valley, California, owed practically $87,000 for a 2020 Freightliner and the U.S. Small Business enterprise Administration, headquartered in Washington, owed $149,000.
Among the Atlantic Around the globe Shipping’s prime nonpriority unsecured collectors are: Al Shamali Intercontinental Freight Solutions LLC of Dubai, United Arab Emirates, owed more than $1.4 million logistics payment system PayCargo LLC of Miami, owed in excess of $745,000 and CaroTrans Global of Houston, owed much more than $18,000. It also owes Landstar Programs Inc. of Jacksonville, Florida, just about $8,000.
Atlantic Throughout the world Shipping’s personal bankruptcy petition lists several trucking companies amid its priority unsecured collectors, which involve: Kukhianidze Transportation of Morrisville, Pennsylvania, owed nearly $4,300 Z7 Transportation Inc. of Glendale, California, owed over $2,000 and Manukyan Transportation Inc., also of Glendale, owed $1,900.
In accordance to Atlantic Globally Shipping’s financials, its gross revenues from Jan. 1 right up until its individual bankruptcy submitting day are around $450,000. Its petition states the firm built just about $2.1 million in 2020 and all over $2.2 million in 2019.
Madhavadas Nair is mentioned as the basic manager of Atlantic Worldwide Transport. As of publication, Nair did not reply to FreightWaves’ request trying to get remark.
The corporation is battling four breach of deal lawsuits that are pending in opposition to Atlantic All over the world Delivery and Prijl Kumar Sasidharan, a codebtor of the corporation, from Missouri Metropolis, Texas.
Service provider Capital of Brooklyn, New York, filed fit in Nassau County Supreme Courtroom in Mineola, New York, for nearly $105,000.
Breach of deal suits filed from Atlantic Worldwide Shipping in Kings County Supreme Courtroom in Brooklyn are by Tiger Money Group LLC of Flushing, New York, owed practically $410,000 Stat Capital Funding of Brooklyn, owed approximately $207,000 and Novus Cash Funding LLC of New Town, New York, owed around $70,000.
A creditors’ conference is scheduled for Aug. 26.
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