Scan Global – the joy and pain of private-equity ownership
A junk-ish tinge?
© Ilia Burdun
By Alex Lennane
UPDATED 26.06.24 TO INCLUDE TEN OAKS STATEMENT
US Logistics Solutions, formerly known as Forward Air Solutions, has filed for Chapter 7 bankruptcy, with the loss of a significant number of jobs.
US Logistics Solutions had 870 direct employees, 62 independent contract drivers and 322 laborers contracted through third-party agencies. All have received their last paycheck, according to PE owner Ten Oaks.
According to the filing, the company has between 1,000 and 5,000 creditors and estimated liabilities of between $100m and $500m. Estimated assets ...
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