Trucking News: USPS trucking contractor Matheson files for bankruptcy

[Mike]

Company plans to reorganize, has 248 trucks, 383 drivers
​

Family-owned Matheson Postal Services Inc. of Sacramento, filed its petition in the U.S. Bankruptcy Court for the Eastern District of California on May 5. The company’s terminal handling services division, Matheson Flight Extenders, also filed for bankruptcy protection on the same day.

As of publication, Matheson’s attorney, Gregory Nuti, had not responded to FreightWaves’ request seeking comment.

The filing lists both its assets and liabilities as between $10 million and $50 million. The 60-year-old trucking and logistics company states that it has up to 5,000 creditors and maintains that funds will be available for distribution to unsecured creditors once it pays administrative fees.

The company was founded by Robert and Carole Matheson in 1962 and is a transportation and logistics provider for the Postal Service and other commercial carriers.

USPS trucking contractor Matheson files for bankruptcy

California-based USPS trucking contractor Matheson Postal Services recently filed for Chapter 11 bankruptcy protection.

www.freightwaves.com

 

[Rigjockey]

Wow! Hard to believe that a company that has been around for 60 years would just close like that. I wonder what changed that they could not keep up with their 5,000 creditors? (this is not a knock. Just wondering what changed).
I would think that a USPS contract/tender would be pretty profitable

Either way I hope all their drivers get paid out every cent owed to them.

 

[Electric Chicken]

Wow! Hard to believe that a company that has been around for 60 years would just close like that. I wonder what changed that they could not keep up with their 5,000 creditors? (this is not a knock. Just wondering what changed).
I would think that a USPS contract/tender would be pretty profitable

Either way I hope all their drivers get paid out every cent owed to them.

They're not closing...yet.

https://www.credit.com/debt/filing-for-bankruptcy-difference-between-chapters-7-11-13/?amp

This is why it's a bitch to get semi truck financing when you're first starting out. Creditors don't want to be left holding the bag when you realize you have no idea what you're doing and got in over your head....which happens a lot.

 

[Uncle Birchy]

Wow! Hard to believe that a company that has been around for 60 years would just close like that. I wonder what changed that they could not keep up with their 5,000 creditors? (this is not a knock. Just wondering what changed).
I would think that a USPS contract/tender would be pretty profitable

Either way I hope all their drivers get paid out every cent owed to them.

Five Thousand "Creditors" ..

How is that even Possible

 

[Electric Chicken]

Five Thousand "Creditors" ..

How is that even Possible

Payday loans.

 

[Uncle Birchy]

Payday loans.

Ya but even they have a "Blacklist" after so many

 

[Electric Chicken]

Ya but even they have a "Blacklist" after so many

That was sarcasm.

Go into business yourself and get as big as they are and you'll see 5000 creditors isn't uncommon. That includes every unpaid invoice, not just loans.