Turk Transportation Files for Chapter 11 Bankruptcy
Carnegie, Pennsylvania-based Turk Transportation has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Pennsylvania.
According to the company's voluntary petition, Turk Transportation has assets of up to $1 million and liabilities between $1 million and $10 million. The petition lists up to 49 creditors, including TPine Leasing, Northland Capital, and Hitachi.
Turk Transportation operates a fleet of 18 trucks, 10 of which are driven by independent contractors and 8 by owner-operators. The company employs 16 workers, including drivers, owner-operators, and service providers. It has requested court authorization to honor payroll obligations to these workers for wages earned before the bankruptcy filing.
Turk Transportation had previously entered into an agreement with Love's Financial for funding in exchange for a security interest. The agreement has been amended to allow Love's to purchase Turk's post-bankruptcy accounts.
"The entry of this Order will help minimize disruption of the Debtor's business and operations and permit the Debtor to meet payroll and other operating expenses, obtain fuel, [and] retain customer and vendor confidence by demonstrating an ability to maintain normal business operations," the court order stated.