We know everything about bankruptcy
23/04/2024
Tuesday
23 April 
1970 The USSR Olympic Committee was established
1970 The USSR Olympic Committee was established
1970 The Supreme Court of Canada ruled that women are not “persons,” i.e. they are not individuals
1970 The Supreme Court of Canada ruled that women are not “persons,” i.e. they are not individuals
1970 The Russian Church decided to excommunicate all, who were baptized, with two fingers
1970 The Russian Church decided to excommunicate all, who were baptized, with two fingers
GREAT LAKES PETROLEUM TRANSPORTATION FILES FOR BANKRUPTCY
Two Great Lakes subsidiaries (Petroleum Corp. and Holdings LLC) have also filed for Chapter 11 bankruptcy protection. The meeting of creditors is scheduled for April 8th.
The company cited a catastrophic drop in freight traffic revenue. The company's profitability in the first few months of this year alone fell by 54% compared to the same period last year.
The documents that Great Lakes submitted to the court listed the company's assets valued from $ 50,000 to $ 1 million, as well as debt obligations from $ 1 to $ 10 million.
It is reported that the company has 99 creditors, among which Mack Financial Services from Philadelphia (the debt to the company is $ 3.8 million), Comdata from Charlotte in North Carolina (the carrier owes her $ 227 thousand) are the last in line to receive payments. The company has a $ 18,000 debt to another company from Warren, Michigan.
According to the website of the Federal Motor Vehicle Safety Administration, Great Lakes owns 59 propulsion systems for oil transportation. The company employs 49 drivers.
One of the Great Lakes' largest creditors is the Union Bank of Michigan, to which the company owes $ 1.1 million.
We should note that during the COVID-19 pandemic, the company received a loan from the bank to stay afloat in accordance with the state payroll protection program (PPP) established last year by the US authorities.
