Breaking news! A freight forwarding company suddenly closed down and owed a huge sum of 5.72 million yuan

Freight forwarding company goes bankrupt and owes $884,000

It is reported that a freight forwarding company in California, USA, filed for bankruptcy protection last week and owed transportation and logistics companies a total of more than US$884,000 (about RMB 5.72 million).

Dsecargonet Inc., formerly known as Global Partners Logistics USA Inc. in Torrance, California, filed for bankruptcy on April 20 in a California bankruptcy court.

Dsecargonet, which provides air, sea and land transportation solutions, listed assets of $50,000 and liabilities between $500,000 and $1 million in its filing.

The freight forwarder said it has up to 49 creditors and that unsecured creditors will receive no funds once administrative costs are paid.

Dsecargonet listed priority unsecured claims for back payroll taxes from two government agencies, including the California Employment Development Department, which owes nearly $52,400, and the Internal Revenue Service, which owes nearly $44,000.

Among the freight forwarder's top 20 unsecured creditors are BG Trucking in Calexico, California, which is owed more than $92,000; Sun City Group in El Paso, Texas, which is owed $91,150; and FedEx Customs in Memphis, Tennessee, which is owed nearly $75,000.

In addition, it is reported that in mid-April, an Indiana-based household goods brokerage company closed its business and filed for bankruptcy protection, and owed several trucking and logistics companies a total of hundreds of thousands of dollars.

Guardian Freight listed its assets as between $50,000 and $100,000, its liabilities as between $500,000 and $1 million, and its creditors as many as 49. Its total revenue for 2020 was about $164,000, down 92% from the nearly $2 million in revenue it reported in 2019.

The company’s largest unsecured creditor is Cincinnati-based Loth Logistics LLC. Guardian Freight was ordered to pay Loth more than $247,000 in a breach of contract lawsuit filed in the U.S. District Court for the Southern District of Ohio last October.

Other unsecured creditors listed in Guardian Freight's bankruptcy filing include North & South Logistics, which is owed $55,000, PD&S Freight Solutions, which is owed nearly $57,000, and Watco Supply Chain Services, which is owed more than $72,400.

Boeing supplier lays off employees and files for bankruptcy

GDC Technologies, an aerospace interiors supplier, filed for Chapter 11 bankruptcy protection on the same day it announced it was laying off 223 employees in Texas.

The layoffs and bankruptcy filing come after Boeing sued GDC Technics for allegedly delaying deliveries of two Air Force One aircraft.

The bankruptcy filing in the Western District of Texas does not include detailed financial information about GDC Technics. The company listed liabilities ranging from $10 million to $50 million, with debts to more than 200 creditors. GDC Technics also listed assets between $10 million and $50 million.

On Monday, Fort Worth, Texas-based GDC Technics announced it will permanently close its San Antonio facility and will cease most operations at the Fort Worth facility/headquarters. The closure and layoffs will be complete by May 9.

Boeing sued GDC Technics on April 7, alleging the company is behind schedule on its contract to design and build interiors for two "Air Force One" aircraft.

Boeing was awarded a $3.9 billion contract in 2018 to build two presidential aircraft (747-8s) and hired GDC Technics to modify and customize the interior cabins of the two aircraft.

According to Boeing's lawsuit filed in a Texas district court, GDC Technics' delays "have cost Boeing millions of dollars and threaten to jeopardize work critical to the U.S. Air Force and the President of the United States."

On April 17, GDC Technics filed a countersuit, alleging mismanagement by Boeing that caused delays in the construction of the Air Force One aircraft.

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