Kal Freight's bankruptcy reveals massive fraud accusations [Yahoo! Finance]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
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Source: Yahoo! Finance
California-based trucking company Kal Freight Inc. has filed for Chapter 11 bankruptcy protection, revealing a web of fraudulent activities including obtaining $16.8 million in loans for non-existent trailers, transferring collateral to a Canadian affiliate, and selling trucks and trailers without repaying loans. The company's largest lender, Daimler Truck Financial Services, has uncovered evidence of the fraud and may lose over $40 million. Kal Freight has agreed to remove its director and appoint an independent chief restructuring officer to oversee its operations during the bankruptcy proceedings. Generated by Yahoo Finance AI Yahoo Finance used generative AI to summarize key information from this article. Some details may be inaccurate. We take that seriously. Reporting mistakes helps us improve these summaries. Was this helpful? Yes No Kal Freight's bankruptcy reveals fraud. (Photo: Jim Allen/FreightWaves) In a stunning turn of events, California-based trucking com
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