An 85-year-old Indiana-based trucking and logistics company and its affiliates recently filed for Chapter 11 bankruptcy protection less than nine months after it was acquired by private-equity firm Transport Acquisitions.
Founded in 1938, Otwell, Indiana-based Elmer Buchta Trucking, which offers bulk, dry van and pneumatic trucking services, has 100 drivers and more than 230 power units, according to the Federal Motor Carrier Safety Administration’s SAFER website.
No reason was given as to why the entities were forced to file for bankruptcy protection.
Transport Acquisitions purchased the trucking company and its affiliates in January from the Wright Family Investment Group, which bought the entities in 2008.
In court filings, Transport Acquisitions and ElenaRose Capital are jointly listed as the lead bankruptcy case as both have ownership in the entities. Besides Elmer Buchta Trucking, the petition lists two other entities in its Chapter 11 filing, Buchta Leasing LLC of Princeton, Indiana, and WBF LLC, of Otwell, Indiana. WBF has five power units and four drivers and hauls liquids and gases, according to the FMCSA website.
The petition, filed in the U.S. District Court for the Southern District of Indiana on Sept. 8, lists Louis Capolino of Apollo, Florida, as president and manager of the entities.
Elmer Buchta Trucking lists its assets as between $1 million and $10 million and its liabilities as between $10 million and $50 million. The petition lists the number of creditors as up to 199 but states that funds will be available to unsecured creditors once it pays administrative fees.
The two largest secured creditors listed in the petition are KTB Equity Inc. of Evansville, Indiana, and Peapack Capital of Morristown, New Jersey, owed about $22 million apiece for the entities’ equipment.
Attorney Weston E. Overturf, of Kroger, Gardis & Regas LLP of Indianapolis, did not respond to FreightWaves’ request seeking comment.
Among the trucking and logistics company’s top unsecured creditors are Buchta Leasing, owed more than $684,000; National Interstate Insurance of Richfield, Ohio, owed nearly $751,000; and Heritage Petroleum of Evansville, owed over $128,000.
The petition lists that the Internal Revenue Service in Indianapolis is owed nearly $36,000 for payroll taxes.
Prior to filing for bankruptcy, Capolino received $325,000 from January to August, according to court documents. A creditors meeting is set for Oct. 10.
Click here to read more articles by Clarissa Hawes.
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