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BANKRUPTCY * USA - Trucking firm can't weather loss of 'cash cow' to tornado
Memphis,TN,USA -The Memphis Commercial Appeal, by David Flaum -June 5, 2008: -- In seven years, Mike McMillon built up his M&K Transportation from scratch to a $9-million-a-year business... Then came the Feb. 5 tornado... The storm didn't touch his base in Air Park, but it virtually destroyed his biggest customer, Proliance International... Within three months, McMillon's trucking business was blown away as well -- his banker sued him, he filed a bankruptcy petition and he shut down the business, eliminating 30 jobs... McMillon said he was forced to shutter the business -- although he found another carrier for Proliance and some other customers... On May 14, M&K filed a Chapter 7 bankruptcy petition -- the kind in which the business is liquidated... That doesn't mean McMillon has given up. He's still looking for a merger partner or buyer -- maybe a larger carrier -- or an investor to buy some or all of the company... "I don't have any regrets," McMillon said. "I'm going to take U.S. Logistics and try to grow it back into a viable warehouse operator. That will help me get through these hard times."...
Labels: bankruptcy
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