Kal Freight co-founder says no layoffs expected in restructuring [Yahoo! Finance]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
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Source: Yahoo! Finance
Kal Freight on Thursday filed for Chapter 11 bankruptcy in the Southern District of Texas. Filing of Chapter 11 will allow the company to reorganize while continuing operations. Co-founder MP Singh told FreightWaves no jobs should be impacted by the restructuring and that operations will continue as normal for the Texas-based company. According to a filing with the Federal Motor Carrier Safety Administration, Kal Freight employs 600 drivers and has 580 power units. Singh said the company had overexpanded after experiencing a surge in demand in 2020 because of the coronavirus pandemic. “I think we did so much of overexpansion, and we lost money in the new ventures of ours and tires and everything, but Kal Freight was always making the money,” he said in an interview. “We were doing good, but all the money was being used from Kal Freight.” Kal Freight will be pulling back from other ventures, including KVL Tires, its tire company, he said. Other businesses included aircraft par
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