Truckers Owed Hundreds Of Hundreds Immediately after Glass Fabricator, Affiliate marketers File Bankruptcy
A number of trucking and logistics organizations are collectively owed hundreds of hundreds of bucks immediately after a 101-year-aged specialty glass fabricator and its subsidiaries ceased functions and filed Chapter 7 bankruptcy in mid-July.
The handling entity, Consolidated Glass Holdings Inc., lists the property for all of the providers as in between $100,000 and $500,000 and its liabilities as involving $50 million and $100 million. Right after administrative costs are paid, no money will be available for unsecured creditors of CGH and its subsidiaries, Neil Minihane, main restructuring officer for CGH, said in bankruptcy filings.
CGH and its affiliates were being obtained by CGH CAM Holdings, which incorporated users of CGH’s senior management workforce, and financial investment organization Czech Asset Management LP and its affiliates, in June 2020.
In accordance to the bankruptcy filings for CGH and its subsidiaries, SJC Onshore Direct Lending Fund III-4, managed by Czech Asset Management, is detailed as the only secured creditor and claims it is owed much more than $85 million.
J.E. Berkowitz
In its petition, Pennsylvania-primarily based J.E Berkowitz (JEB) has up to 999 lenders. The previous family members-owned corporation, which was started in 1920, sold its shares to CGH, the financial investment arm of non-public equity organization Gray Mountain Companions, in 2016, prior to the 2020 acquisition by CGH senior administration and Czech Asset Management.
Among the glass fabricator’s best 20 unsecured lenders are several trucking and logistics corporations, like R & R Categorical Inc. of Cleveland, owed extra than $62,000 Epes Logistics Services of Greensboro, North Carolina, owed virtually $25,000 and Xpedite Expert services of Sapulpa, Ohio, owed practically $11,000.
Other unsecured lenders consist of a few leasing firms: Miller Truck Leasing of Lumberton, New Jersey, owed approximately $750,200 Penske Truck Leasing of Philadelphia, owed approximately $23,000 and Nets Trailer Leasing of NJ, headquartered in Burlington, New Jersey, owed about $9,500.
Eight months right after CGH transformed ownership, the business declared it was furloughing around 200 workforce at JEB, headquartered in Pedricktown, New Jersey, in February.
In a assertion, CGH officials stated that delays and disruptions to its workforce owing to the COVID-19 world wide pandemic took a significant toll, forcing the business “to suspend production functions at JEB.”
Columbia Professional Setting up Products and solutions
Also in February, CGH announced it was “winding down functions” at its subsidiary, Columbia Business Creating Items, in Rockwall, Texas.
JEB and Columbia Industrial Creating Items had been aspect of CGH’s architectural division.
Amid its list of 83 unsecured collectors are Bedrock Logistics of Dallas, owed practically $54,000 Wright Express Fleet Services of Carol Stream, Illinois, owed much more than $16,000 and Estes Freight Strains of Richmond, Virginia, owed practically $7,400.
Shaw Glass Holdings
In its Chapter 7 petition, Shaw Glass Holdings, undertaking business enterprise as Solar Seal Massachusetts, states that it has far more than 850 unsecured creditors. Amid the best 20 are various trucking and logistics companies, together with Nationwide Logistics of Cincinnati, owed far more than $13,150 Blended Transport of Central Point, Oregon, owed almost $13,000 and Epes Logistics Services of Greensboro, owed nearly $5,800.
The corporation also lists this kind of substantial carriers as ABF Freight Units of West Bridgewater, Massachusetts, FedEx Freight of Pittsburgh and UPS Offer Chain Solutions of Chicago amid its unsecured creditors. On the other hand, the quantities have been not involved in its personal bankruptcy filings.
Previous employees file go well with, alleging Warn Act violations
In late March, previous staff members submitted a proposed class-action lawsuit against JEB, Consolidated Glass Holdings and Czech Asset Administration. The grievance states that the firms failed to provide personnel at their Pedricktown glassmaking facility with its far more than 100 whole-time personnel with at the very least 60 days’ see of a pending closure as essential appropriate by the federal Worker Adjustment and Retraining Notification (Warn) Act and New Jersey’s Millville Dallas Airmotive Plant Task Decline Notification Act.
Former JEB personnel said they have been at 1st furloughed in early February and forever shed their positions a tiny above a month afterwards.
A creditors’ assembly for CGH and its subsidiaries is scheduled for Thursday in Wilmington, Delaware.
See relevant articles:
Trucking, logistics companies owed hundreds after freight forwarder files Chapter 7
Ohio transportation business, 3 trucking affiliates file for Chapter 11 individual bankruptcy
Illinois trucking company with background of HOS violations files Chapter 7
Click for extra article content by Clarissa Hawes.
Image Sourced from Pixabay
See much more from Benzinga
© 2021 Benzinga.com. Benzinga does not supply financial investment assistance. All rights reserved.
