LandAir, a trucking company with Vermont facilities in Windsor and Williston, has filed for bankruptcy, according to court documents, VTDigger.org reported. The company, whose legal name is North East Freightways and which is headquartered in North Easton, Mass., filed for chapter 7 bankruptcy in Massachusetts on July 14. Vermont Labor Commissioner Michael Harrington had written to the company on July 7 about reports that it had abruptly shut its doors. LandAir was founded as Allied Air Freight in 1968 by Fred Spencer, according to the company website, which says Spencer partnered with airlines and airfreight forwarders at Burlington International Airport. The family eventually sold LandAir to a private-equity firm. Spencer died in January. The company specialized in shipping loads smaller than a truckload but larger than a parcel. In the industry, such companies are known as LTLs, standing for “less than truckload.” LandAir had 135 drivers and 450 employees, according to FreightWays, an industry publication that first reported that the company was shutting down. The company said it has $1.3 million in assets and $44.4 million in debt, including $33.8 million it owes to the Los Angeles private-equity firm that owns LandAir, Corbel Capital Partners.
