Look Out Below

The 4th largest intermodal trucking company in the United States has just declared bankruptcy.

I guess they couldn't squeeze any more blood from their drivers. 

After nearly half a century in the business, a trucking company has filed for bankruptcy.

This news signals the latest of what’s being called the “Great Freight Recession,” during which a demand for shipping services has dropped while capacity has stayed high.

According to industry publication FreightWaves, STG Logistics — a Dublin, Ohio-based institution that also happens to be the country’s fourth-largest asset-based intermodal marketing company — filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey on Monday.

This pre-negotiated plan, FreightWaves explains, wipes out 91 percent of STG’s almost $1 billion debt. It also gives it $1140 [sic should be $140 million] in new capital in order to support its core business operations, and to compensate its employees and vendors.  

Best economy ever, huh?

We are already in a full recession, not just a, "Freight recession."