Kal Freight and four of its subsidiary companies on Thursday became the third national trucking company to file for Chapter 11 bankruptcy protection in the Southern District of Texas this year.
In its bankruptcy petition, Kal Freight cites between $100 million and $500 million in liabilities and provides the same range for its assets.
Houston lawyer Benjamin Lawrence Wallen of Pachulski Stang Ziehl & Jones along with lawyers from the firm’s New York and California offices are listed as Kal Freight’s lead legal advisors. Kal Freight hired Development Specialists as its restructuring advisor.
The bankruptcy case has been assigned to U.S. Bankruptcy Judge Christopher Lopez in Houston.
The bankruptcy petition cites Grant Thorton and multiple law firms, including Oklahoma-based Cain Law Office, among its top creditors.
In a statement announcing the bankruptcy filing, the company stated, “Kal Freight intends to fund the chapter 11 process with debtor-in-possession financing, which will provide the company with the necessary liquidity to maintain normal operations while it undertakes certain key operational restructuring initiatives and emerge as a stronger enterprise positioned for long-term success. The company intends to continue paying its employees in full in the ordinary course, as well as paying its vendors and suppliers in full under normal terms for goods and services provided on or after the filing date.”
The case is In re Kal Freight Inc., No. 24-90614.