Trucking, logistics and factoring companies are collectively owed millions of dollars after a California-based freight forwarder filed for bankruptcy liquidation, FreightWaves reported. Boateng Logistics, headquartered in Carlsbad, Calif., filed its petition Friday in the U.S. Bankruptcy Court for the Southern District of California. In its filing, Boateng Logistics listed its assets as up to $50,000 and its liabilities as between $1 million and $10 million. The company stated that it has up to 99 creditors and maintains that no funds will be available for unsecured creditors once it pays administrative fees. The largest unsecured creditor is the U.S. Small Business Administration, which is owed $750,000 for a loan the company received through the COVID-19 Economic Injury Disaster Loan (EIDL) program in 2020. While funds received through the Paycheck Protection Program are forgivable, the disaster relief funds loans must be repaid.
