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Report * USA - Trucking had highest level of bankruptcy since ‘01
In the first quarter of 2008, the trucking industry experienced the highest same-quarter levels of firms going bankrupt since 2001
Harrisburg,PA,USA -The Central Penn Business Journal, by Jim T. Ryan -30 April 2008: -- Bankruptcy shut down 925 firms nationwide in the past quarter, according to a report by Tennessee-based Avondale Partners, an investment banking firm with interests including health care, communications, financial services and trucking... Avondale blamed the spike in trucking failures on companies' inability to collect fuel surcharges that keep up with the rising cost of diesel. Add to that the expense of renewing licenses and insurance, and trucking firms already teetering on the brink were forced into bankruptcy, according to the report... The recent closures parked an estimated 42,000 trucks, or more than 2 percent of the nation's heavy-duty capacity, according to the report. Smaller firms were hit hardest, but the average size of firms increased to 45 trucks, meaning hard times hit larger firms too... There were more than 1,100 company failures in the first quarter of 2001. By that year's end, 110,000 trucks were off the road, according to the report...
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