Trucking company Cargo Transportation Services can attempt to reorganize after a U.S. bankruptcy court judge gave the company the cash it needs to keep rolling.
The $100 million trucking firm filed for Chapter 11 bankruptcy protection from its creditors last week as it struggled to protect produce already in transit.
The court granted a motion to give the Sunrise, Fla.-based CTS access to cash collateral last Thursday and will hear other motions in the case Wednesday.
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“We are working as best as we can to get back to business as usual,” President and Chief Operating Officer David Bell told The Journal of Commerce.
CTS sought bankruptcy protection after Comerica Bank allegedly seized some of its funds. Comerica claimed the trucking firm defaulted on $7.9 million in loans.
CTS hauls both truckload and less-than-truckload freight and specializes in refrigerated produce, linking markets in Florida, California and New York.
In addition to its Tampa-area headquarters, CTS has offices in Clearwater, Brandon, Miami and Medley, Fla., as well as Los Angeles, Nashville, Tenn., and New York.
Contact William B. Cassidy at firstname.lastname@example.org.