Reported about 5 hours ago
VIB Trans, an Illinois truck carrier with a fleet of 29 trucks, has filed for Chapter 11 bankruptcy amid the prolonged downturn in the trucking industry known as the Great Freight Recession. The company, which employs 34 drivers, seeks to maintain operations while restructuring its debts. This bankruptcy filing highlights the challenges faced by the trucking sector, including an 18% decline in freight volumes and increased market overcapacity, exacerbated by the potential expiration of government support that has sustained freight demand.
Source: YAHOO