Trucking company New Century Transportation is shutting down and filing for chapter 7 liquidation, TruckingInfo.com reported yesterday. A copy of a June 9 letter to employees from the New Jersey-based carrier and obtained by TruckingInfo.com says that the decision came when its lender “unexpectedly declined to continue funding regular business operations.” It goes on to say New Century then “immediately took steps to seek financing and other alternatives including a sale of all or part of the company, in order to continue operations, but to date, its efforts have been unsuccessful.” The letter also states advance warning about the bankruptcy to employees was not possible any sooner because New Century says that it would have precluded its ability to secure alternative financing or a sale of the company. The Westampton, N.J.-based carrier specialized in both truckload and less-than-truckload services with a fleet of 2,000 trucks, according to its website. The bankruptcy reportedly puts some 1,500 people out of work.
