GDS Express Files for Bankruptcy, Cites Lack of Credit
After closing without notice in early December, Akron, Ohio-based GDS Express has filed for bankruptcy. The company filed for Chapter 11 liquidation on Dec. 27, 2019, citing the shutdown of a revolving credit account.
Photo: tnsamiam via Flickr
After closing without notice in early December, Akron, Ohio-based GDS Express has filed for bankruptcy. The company filed for Chapter 11 liquidation on Dec. 27, 2019, citing the shutdown of a revolving credit account from financial lenders Northwest Bank.
According to GDS Express, the company was denied access to its cash from the bank. The carrier’s oil and gas hauling fleet saw an overall decrease in business in July and August, which caused the company to fail to comply with its lending agreement with Northwest Bank.
The unexpected shutdown left approximately a dozen drivers on the road without paychecks or valid fuel cards, according to a report from the Akron Beacon Journal.
Court documents listed a number of related businesses, including:
GDS Express Inc.
GDS Express Group Inc.
Business Transportation Services Inc.
G&M Towing & Recovery LLC
Noble’s Inc.
Nuway Logistics Group LLC
Wills Trucking Co.
Better Management Corp. of Ohio Inc.
Container Management Services LLC
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