Nationwide Cargo Inc., a trucking company based in East Dundee, Illinois, has filed for Chapter 11 bankruptcy protection. Operating with 183 trucks and 171 drivers, the company specializes in transporting general freight, fresh produce, and meat. The filing occurred in the U.S. District Court for the Northern District of Illinois. Hristo Angelov, the president of Nationwide Cargo, is listed in the bankruptcy petition, which did not specify the reasons for the filing but indicated a plan for reorganization.
The company's financial declarations show assets ranging from $1 to $10 million against liabilities estimated between $10 and $50 million. The document mentions up to 49 creditors but anticipates that unsecured creditors will not receive compensation after administrative fees are covered.
In terms of operational compliance, Nationwide Cargo's out-of-service rates for both trucks and drivers have been noted, with trucks at nearly 26% and drivers at nearly 4%, compared to national averages. From the start of the year to the filing date, the company reported gross revenues close to $9.3 million, with previous annual revenues reported at $40 million for 2023 and nearly $34 million for 2022.
Source: freightwaves.com
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