8 more freight carriers go bankrupt, thousands of creditors affected

Eight more trucking companies have filed for bankruptcy over the past two months, including several prominent carriers with loads of unpaid debts.  

These carriers filed for Chapter 11 bankruptcy in December, according to U.S. Bankruptcy Court documents obtained by Equipment Finance News: 

• Bowie Enterprises filed Dec. 3 in the Eastern District of Texas; 
• Texas International Enterprises filed Dec. 6 in the Southern District of Texas; and 
• Ksenia Logistics filed Dec. 30 in the Northern District of Illinois.  

December’s Chapter 11 filings tied August as the lowest monthly total since EFN began tracking freight bankruptcies in April 2025.  

Meanwhile, freight bankruptcies so far this month include: 

• TMT Group filed Jan. 7 in the Eastern District of Pennsylvania; 
• STG Logistics filed Jan. 12 in the District of New Jersey;  
• Protrade Logistics filed Jan. 13 in the Northern District of Illinois; 
• Armaan Trucking filed Jan. 17 in the Northern District of Texas; and 
• Off-Load Moving filed Jan. 20 in the Eastern District of Virginia. 

Canaries in coal mine 

While freight bankruptcies have slowed since the 12 filings in November, filings by established carriers such as STG Logistics and Texas International Enterprises reflect ongoing financial stress and transportation lending challenges.  

South Kearny, N.J.-based STG, founded in 1985, listed between $1 billion and $10 billion in assets and liabilities, according to its filing. It also listed between 10,000 and 25,000 creditors while most carriers have listed between one and 49 creditors, according to filings obtained by EFN.  

Truck lenders and lessors affected by the STG bankruptcy include RTS Financial, which is claiming nearly $895,000 in unsecured funds. Penske Truck Leasing has an unsecured claim of roughly $621,000 and Apex Capital has an unsecured claim of roughly $240,000.  

Laredo-based Texas International Enterprises is a prominent carrier in the cross-border trucking segment, with more than 1,700 combined tractors and trailers and 600 drivers, according to the U.S. DOT. In the Chapter 11 filing, it listed assets and liabilities between $10 million and $50 million. The unsecured creditors were not listed, but the company said it will have no money to distribute to unsecured creditors after administrative expenses are paid.  

Trucking industry professionals take note when proven operators file bankruptcy, shut down or report poor earnings results, Steve Tam, vice president of ACT Research, told EFN.  

“We refer to them as our canary in the coal mine,” he said. “These are the cream-of-the-crop operators. And if they’re challenged, if they can only make 3% margins in the [truckload] world today, then imagine what the small and mid-sized fleets must be up against.” 

While carrier exits gradually alleviate overcapacity issues, they don’t fully address challenges tied to excess inventory, Tam said.  

“The companies go out of business, but the equipment doesn’t necessarily go away,” he said. 

Check out our exclusive industry data here.