A Miami-based trucking company has filed for chapter 11 protection, Furniture Today reported. The company also owns a CDL training school. Soler & Soler — a trucking company that carries general freight and materials, and owns 22 tractors and employs 42 drivers — cited financial hardship persisting over the past 12 months. The filing also described negative cash flow, high fuel prices and a greater than usual cost to retain an active fleet. Unsecured creditors include Home Depot, SouthState Bank, Wells Fargo and Ryder Truck Rental. Soler was leasing its 22 trucks from Ryder, which has an unsecured claim of more than $4.5 million. According to the filing, the company made $1.7 million so far this year, and $10.5 million in 2021. The trucking industry has been severely affected by worsening market conditions since mid-to-late last year, with many instances of shutdowns and mass layoffs taking place.
