Freight bill factor files Chapter 7


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



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