Flatbed Trucker C. Bean Transport Shut Down

C. Bean Transport, a flatbed and truckload carrier, closed its trucking operations last week and filed for Chapter 11 bankruptcy protection. The Fort Smith, Ark.-based carrier was placed in receivership last month after defaulting on a $5.6 million loan.

The company closed its trucking operations March 17 but kept its warehousing operations running as it sought bankruptcy court permission to reorganize. About 200 truck drivers hauled freight for C. Bean regionally and nationally.

The trucking business was an affiliate of the Curt Bean Lumber Co., which has offices in Amity and Glenwood, Ark., and Buckner, Mo. According to its Web site, Tim Bean started the trucking operation in 1986 to support the lumber business.

U.S. District Court Judge Robert T. Dawson gave Bell Receivers control of C. Bean Transport Feb. 22. Bell Receivers parked the company's trucks and last Thursday company officers Curt Bean, Tim Bean and Grady Bean filed for bankruptcy, The City Wire newspaper of Fort Smith reported.

The company is believed to have anywhere from 200 to 1,000 creditors, with liabilities as high as $50 million. It defaulted on a $5.6 million loan from 1st Source Bank of South Bend, Ind., which sued C. Bean Transport in U.S. District Court.

More trucking bankruptcies are expected as lenders get tougher on carriers that can't make loan payments as the economy recovers.

As the value of used trucks rises, "It will be easier for financing companies to finally pull the plug" on companies, said Lana Batts, managing director at Transport Capital Partners.

Contact William B. Cassidy at wcassidy@joc.com.