A California-based trucking and logistics company, which contracts with the U.S. Postal Assistance to haul mail, recently filed for Chapter 11 personal bankruptcy.
Loved ones-owned Matheson Postal Providers Inc. of Sacramento, submitted its petition in the U.S. Bankruptcy Courtroom for the Jap District of California on Could 5. The company’s terminal managing expert services division, Matheson Flight Extenders, also submitted for personal bankruptcy protection on the same day.
As of publication, Matheson’s attorney, Gregory Nuti, had not responded to FreightWaves’ ask for searching for comment.
The submitting lists equally its property and liabilities as in between $10 million and $50 million. The 60-yr-previous trucking and logistics firm states that it has up to 5,000 lenders and maintains that funds will be available for distribution to unsecured lenders the moment it pays administrative costs.
The firm was launched by Robert and Carole Matheson in 1962 and is a transportation and logistics provider for the Postal Services and other professional carriers.
In accordance to the Federal Motor Provider Security Administration’s SAFER database, the trucking firm has 248 electric power units and 383 truck drivers.
In November, Matheson filed an attraction with the Postal Provider Board of Agreement Appeals (PSBCA). As of publication, a Postal Provider spokesperson had not responded to FreightWaves’ ask for for remark about the company’s charm.
Not long ago, Rooney Trucking, headquartered in Polo, Missouri, which also contracted with the Postal Service to haul mail, submitted an attraction with the PSBCA. That relatives-owned carrier, which experienced 37 motorists and 66 ability models, ceased functions and filed for Chapter 7 personal bankruptcy.
Some mail contractors have struggled to keep afloat due to the fact the Postal Assistance announced it was revamping its $6.6 billion agreement software with non-public trucking fleets in 2019. The method, recognized as Dynamic Route Optimization, adjusted the way personal carriers were paid — switching from deal premiums to paying trucking organizations on a mileage foundation. This led to consolidation amid mail hauling organizations that could support a much larger location and squeezed out some of the lesser private contractors in the marketplace.
Matheson’s premier unsecured creditor is Porter Billing Expert services of Birmingham, Alabama, owed more than $1.4 million. The filing also lists Comdata Mastercard Program of Covington, Louisiana, owed much more than $162,000, and Penske Truck Leasing of Philadelphia, owed additional than $156,000.
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