Trucking, logistics and airfreight companies are collectively owed hundreds of thousands of dollars after a Texas freight forwarder filed for chapter 11 protection last this week, FreightWaves reported. Atlantic Worldwide Shipping LLC of Houston filed its petition in the U.S. Bankruptcy Court for the Southern District of Texas on Tuesday. In its filing, the freight forwarder lists its assets as between $100,000 and $500,000 and its liabilities as between $1 million and $10 million. The company states that it has up to 49 creditors and maintains that funds will be available for distribution to unsecured creditors. The freight forwarder’s list of secured creditors includes North Mill Credit Trust of Mill Valley, California, owed nearly $87,000 for a 2020 Freightliner and the U.S. Small Business Administration, headquartered in Washington, D.C., owed $149,000. Among Atlantic Worldwide Shipping’s top nonpriority unsecured creditors are: Al Shamali International Freight Services LLC of Dubai, United Arab Emirates, owed more than $1.4 million; logistics payment platform PayCargo LLC of Miami, owed over $745,000; and CaroTrans International of Houston, owed more than $18,000. It also owes Landstar Systems Inc. of Jacksonville, Florida, nearly $8,000. According to Atlantic Worldwide Shipping’s financials, its gross revenues from Jan. 1 until its bankruptcy filing date are over $450,000. Its petition states the company made nearly $2.1 million in 2020 and around $2.2 million in 2019.
