Peace Equipment LLC, a company headquartered in Edcouch, Texas, filed for chapter 11 protection last week, citing rising operating costs and “reduced income in the trucking industry,” Freight Waves reported. The company also noted merchant cash advances as being a contributing factor to Peace Equipment’s financial issues, according to court filings. Peace Equipment filed its chapter 11 petition, which seeks to reorganize, in the U.S. Bankruptcy Court for the Southern District of Texas on Wednesday. The company, which has been operating since 2016, has 38 drivers and 27 power units and hauls general freight, fresh produce and refrigerated food throughout the U.S. In its filing, Peace Equipment lists both its assets and liabilities as between $1 million and $10 million. The petition states the company has up to 49 creditors and maintains that funds will be available for distribution to unsecured creditors once it pays administrative fees. Chief U.S. Bankruptcy Judge Eduardo V. Rodriguez authorized Peace Equipment’s interim order on Thursday, authorizing the temporary use of its cash collateral to continue operating.
