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Trucking, logistics and factoring companies are collectively owed millions of dollars after a California-based freight forwarder filed for bankruptcy liquidation.
Boateng Logistics, headquartered in Carlsbad, California, 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.
William Randall is listed as the president of the logistics firm. As of publication, neither Randall nor his attorney, Vernon R. Yancy, had responded to FreightWaves’ request for comment.
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.
Several factoring companies are among Boateng’s top nonpriority unsecured creditors, which include Five Star Factoring of Cottleville, Missouri, owed more than $48,000; eCapital Freight Factoring Co. of Miami, owed more than $20,000; and Triumph Business Capital of Coppell, Texas, owed nearly $15,000. A number of carriers and logistics companies are also listed as unsecured creditors in the petition.
According to Boateng Logistics’ financials, its gross revenues from Jan. 1 until its bankruptcy filing date are nearly $63,000. Its petition states the company made around $1.9 million in 2023 and nearly $2.6 million in 2022.
According to the Federal Motor Carrier Safety Administration’s SAFER website, Boateng Logistics’ broker authority was granted in February 2019 and its freight forwarder authority was granted in January 2023. Its surety bond is slated to be canceled on Thursday.
A creditors meeting is scheduled for March 28.
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