Chapter 7 Bankruptcy for Arrow Trucking Proving Difficult
The month following the Chapter 7 bankruptcy filing of Arrow Trucking has proven difficult for workers, customers, accountants and lawyers alike, reports the Tulsa World.
On Dec. 22 Arrow, a privately-held trucking company that operates across the country, decided to file Chapter 7 bankruptcy, and, in the process, left many drivers high and dry in the middle of their route.
With more than $100 million in both assets and debt, attorneys and accounts have no begun to take a closer look at the company’s finances.
What they’ve seen isn’t pretty. The Tulsa World reports that the more than two dozen members of the bankruptcy team have been unable to speak to with the company’s CEO or chief financial officer.
The team is also having trouble tracking down all of the company’s assets, including trucks, trailers and stations spread throughout the country. And Arrow’s documentation hasn’t made things easy, according to the report:
Gary Barnes, president of the accounting firm, described Arrow’s offices at 4230 S. Elwood Ave. as “dysfunctional” and “as bad as I have seen — and I’ve seen a bunch.” He described the office files as “in disarray.”
In addition to the bankruptcy case, one of Arrow’s largest lenders, Transportation Alliance Bank Inc., alleges Arrow executives committed fraud and racketeering and has filed a lawsuit against the company.
While this adds another layer of complexity to the case, the Chapter 7 bankruptcy team is confident that, in time, they will be able to sort out all of financial matters.