Estes bids to acquire equipment from bankrupt trucker

Richmond, Va.-based trucking company enters $15 million bid to obtain certain flatbed trailers from bankrupt New England Motor Freight.

Estes bids to acquire equipment from bankrupt trucker

Richmond, Va.-based trucking company enters $15 million bid to obtain certain flatbed trailers from bankrupt New England Motor Freight.

Estes bids to acquire equipment from bankrupt trucker

Richmond, Va.-based trucking company enters $15 million bid to obtain certain flatbed trailers from bankrupt New England Motor Freight.

 

   Richmond, Va.-based trucking company Estes Express Lines has submitted a $15 million bid to acquire certain equipment assets from bankrupt carrier New England Motor Freight’s Eastern Freightways and Carrier Industries divisions.
    If its bid is successful, Estes said the equipment would boost its flatbed and dedicated transport businesses.
    There is a scheduled court hearing for May 16 to approve the final winning bid, Estes said.
    “We’re seeking steady growth of our flatbed truckload capabilities,” said Bobby Speight, corporate vice president of Estes Level2 Logistics, in a statement. “If our bid is successful, the transaction would support this vision.”

   Elizabeth, N.J.-based New England Motor Freight ceased operations after filing for Chapter 11 bankruptcy in February. At the time of its closure, the carrier operated primarily in the Northeast and mid-Atlantic with a network of about 35 terminals, 1,300 trucks and 1,500 drivers.

Our waterways are our one artery where we still have capacity to grow into. If we double our cargo … in the next 30 years, we don’t have any choice. We will have to go into the waterways.

Drewry’s World Container Index, a composite of container freight rates on eight major routes to and from the U.S., Europe and Asia, was down 1.4% to $1,351.15 per 40-foot container as of June 13.

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Estes bids to acquire equipment from bankrupt trucker

Richmond, Va.-based trucking company enters $15 million bid to obtain certain flatbed trailers from bankrupt New England Motor Freight.

Apr 26, 2019 on Dec 27, 2018AmericanShipper.com

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Estes bids to acquire equipment from bankrupt trucker

Richmond, Va.-based trucking company enters $15 million bid to obtain certain flatbed trailers from bankrupt New England Motor Freight.

Apr 26, 2019 on Dec 27, 2018AmericanShipper.com