More than 150 trucking, logistics and towing companies are collectively owed hundreds of thousands of dollars after a New Jersey freight forwarder specializing in shipping automobiles, boats and motorcycles worldwide abruptly ceased operations and filed chapter 7, Freight Waves reported. Advectus Transportation Services of Linden, New Jersey, filed its petition in the U.S. Bankruptcy Court for the District of New Jersey on June 30. In its filing, Advectus lists its assets as up to $50,000 and its liabilities as between $500,000 and $1 million. The company states it has 158 creditors and maintains that no funds will be available for unsecured creditors once it pays administrative fees. Advectus owes Bank of America of Fort Worth, Texas, more than $322,000, including $83,535 in funds it received from the lender through the U.S. Small Business Administration’s Paycheck Protection Program in May 2020. It also owes Chase Credit of Wilmington, Delaware, $47,000 and TD Bank in Lewiston, Maine, over $27,685. Advectus’ remaining 150 unsecured creditors consist of mostly small trucking companies, logistics firms and towing and wrecker services that are owed nearly $279,000.
