‘Unauthorized and Fraudulent Transactions' at Center of Trucking Bankruptcy [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
California-headquartered Kal Freight, which operates 580 trucks and employs 600 drivers, filed for bankruptcy on Dec. 5, as the carrier compiled a debt load of $328.8 million on its balance sheet. More from Sourcing Journal Yellow Offloads Another Dozen Terminals for $192.5 Million Amazon Exec on Scammers: 'For All the AI They Have, We've Got it, As Well' Exclusive: JD Sports Canada Uses AI as Secret Weapon Against Fraud and Policy Abuse The trucking company cited the unfavorable multi-year macroeconomic conditions for trucking as the chief factor in the Chapter 11 filing which resulted in decreased margins after the company rapidly expanded in 2021. But the bankruptcy is shrouded in even more scandal, with the company's largest vehicle finance lender Daimler Truck Financial Services, accusing Kal Freight of committing fraud against it and other creditors. Daimler Truck Financial Services claims it is owed approximately $139 million in debt secured by titles to 1,625 tr
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