Express delivery service BeavEx Holding Corp. filed for bankruptcy protection Monday and plans to sell itself to a strategic buyer, saying efforts to diversify its business after scanners reduced demand for paper-check couriers have resulted in sustained losses, WSJ Pro Bankruptcy reported. The Atlanta, Ga.-based company, which has 69 leased facilities in 31 states, has more than $50 million in liabilities, according to a filing in U.S. Bankruptcy Court in Wilmington, Del. It has 369 employees and has lined up a $1 million loan to fund its business during the case. BeavEx plans to sell most of its assets, including its Guardian Medical Logistics unit, to an affiliate of TFI International Inc., which also provides transportation and logistics services, for $7.2 million subject to better bids in bankruptcy court.
