A California-based mostly trucking and logistics firm, which contracts with the U.S. Postal Assistance to haul mail, not long ago submitted for Chapter 11 individual bankruptcy.
Family-owned Matheson Postal Providers Inc. of Sacramento, submitted its petition in the U.S. Bankruptcy Court for the Japanese District of California on Could 5. The company’s terminal managing companies division, Matheson Flight Extenders, also filed for personal bankruptcy safety on the very same working day.
As of publication, Matheson’s attorney, Gregory Nuti, had not responded to FreightWaves’ ask for in search of remark.
The filing lists equally its assets and liabilities as among $10 million and $50 million. The 60-12 months-old trucking and logistics organization states that it has up to 5,000 creditors and maintains that resources will be readily available for distribution to unsecured lenders as soon as it pays administrative fees.
The corporation was started by Robert and Carole Matheson in 1962 and is a transportation and logistics provider for the Postal Support and other industrial carriers.
According to the Federal Motor Provider Basic safety Administration’s SAFER databases, the trucking business has 248 ability units and 383 truck motorists.
In November, Matheson filed an charm with the Postal Support Board of Contract Appeals (PSBCA). As of publication, a Postal Company spokesperson had not responded to FreightWaves’ request for comment about the company’s charm.
Just lately, Rooney Trucking, headquartered in Polo, Missouri, which also contracted with the Postal Company to haul mail, submitted an enchantment with the PSBCA. That family members-owned carrier, which experienced 37 motorists and 66 electricity models, ceased functions and submitted for Chapter 7 personal bankruptcy.
Some mail contractors have struggled to continue to be afloat since the Postal Service introduced it was revamping its $6.6 billion deal application with personal trucking fleets in 2019. The plan, known as Dynamic Route Optimization, improved the way non-public carriers were being paid out — switching from contract fees to shelling out trucking corporations on a mileage foundation. This led to consolidation between mail hauling companies that could company a much larger area and squeezed out some of the smaller sized private contractors in the business.
Matheson’s most significant unsecured creditor is Porter Billing Products and services of Birmingham, Alabama, owed more than $1.4 million. The filing also lists Comdata Mastercard Application of Covington, Louisiana, owed much more than $162,000, and Penske Truck Leasing of Philadelphia, owed extra than $156,000.
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