Texas freight forwarder files for bankruptcy
Trucking, logistics and air freight companies collectively owe hundreds of thousands of dollars after a Texas freight forwarder filed for Chapter 11 bankruptcy earlier this week.
Atlantic Worldwide Shipping LLC of Houston filed its lawsuit in U.S. South Texas Bankruptcy Court on Tuesday.
In its file, the freight forwarder indicates that its assets are between $ 100,000 and $ 500,000 and its liabilities between $ 1 million and $ 10 million. The company claims to have up to 49 creditors and maintains that the funds will be available for distribution to unsecured creditors.
The freight forwarder’s list of secured creditors includes North Mill Credit Trust of Mill Valley, Calif., Which owed nearly $ 87,000 for a 2020 Freightliner and the US Small Business Administration, headquartered in Washington, owed $ 149,000.
Some of Atlantic Worldwide Shipping’s major unsecured non-priority creditors include: Al Shamali International Freight Services LLC of Dubai, United Arab Emirates, which owed more than $ 1.4 million; Miami’s PayCargo LLC logistics payment platform owed more than $ 745,000; and CaroTrans International of Houston, owed more than $ 18,000. She also owes Landstar Systems Inc. of Jacksonville, Fla., Nearly $ 8,000.
Atlantic Worldwide Shipping’s bankruptcy petition lists several trucking companies among its senior unsecured creditors, including: Kukhianidze Transportation of Morrisville, Pa., Owed nearly $ 4,300; Z7 Transportation Inc. of Glendale, Calif., Owed more than $ 2,000; and Manukyan Transportation Inc., also of Glendale, owed $ 1,900.
According to financial data from Atlantic Worldwide Shipping, its gross revenues from January 1 to its date of filing for bankruptcy are over $ 450,000. Its petition says the company earned nearly $ 2.1 million in 2020 and around $ 2.2 million in 2019.
Madhavadas Nair is listed as Managing Director of Atlantic Worldwide Shipping. At the time of publication, Nair has not responded to FreightWaves’ request for comment.
The company is fighting four pending breach of contract lawsuits against Atlantic Worldwide Shipping and Prijl Kumar Sasidharan, a co-debtor with the company, of Missouri City, Texas.
Merchant Capital of Brooklyn, New York, has filed a lawsuit in the Nassau County Supreme Court in Mineola, New York, for nearly $ 105,000.
Breach of contract lawsuits filed against Atlantic Worldwide Shipping in the Kings County Supreme Court in Brooklyn are owed for nearly $ 410,000 by Tiger Capital Group LLC of Flushing, New York; Stat Capital Funding of Brooklyn owed nearly $ 207,000; and Novus Capital Funding LLC of New City, New York, owed more than $ 70,000.
A creditors’ meeting is scheduled for August 26.
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