William B. Cassidy | Mar 23, 2010 12:30PM EDT
Bankrupt flatbed carrier Arrow Trucking owes creditors nearly $100 million and has assets of only $8.5 million, documents filed in U.S. bankruptcy court in Oklahoma show.
Arrow Trucking, which shut down Dec. 22, owes unsecured creditors approximately $94.2 million, according to a list of assets and liabilities filed by Arrow's trustee. Creditors with secured claims against the company are owed about $4.8 million.
The carrier's assets include $8.2 million in real property -- including terminals and office buildings and a residence valued at $2.49 million -- and $353,000 in personal property, including office equipment and furniture, according to a report in the Tulsa World.
In its Jan. 8 petition for Chapter 7 bankruptcy protection, the company claimed to have $100 million to $500 million in assets. Those assets included trucks and vehicles abandoned after the company's collapse, the company's trustee said.
The defunct carrier faces at least six lawsuits, including one from a Utah bank that alleges fraud and racketeering.
Transportation Alliance Bank, Ogden, Utah, claims a scheme to defraud TAB by inflating its accounts receivable. The unraveling of the scheme last fall, says the bank, led directly to Arrow Trucking's collapse.
TAB claims Arrow submitted $27 million in fraudulent invoices -- some to nonexistent accounts -- of which the bank said it paid $12.5 million.
Contact William B. Cassidy at wcassidy@joc.com.