A Denver transportation company was forced into Chapter 7 bankruptcy liquidation on 14 February according to US Bankruptcy Court filings.
Allied Carriers Exchange Inc., the factoring company that bought freight bills from freight carriers, owes four creditors a little more than US$3m. Allied's biggest creditor Grunwald, loaned the company US$2.8 m.
Allied closed its doors in September 2002 after 45 years in business, according to a notice on the company's Web site. The notice also said the company and a few staffers would continue working until all open receivables were collected.
Source: Denver Business Journal