A family-owned trucking company in Missouri, RBX Inc., has filed for Chapter 11 bankruptcy protection. The company, based in Strafford, Missouri, has 265 trucks and 255 drivers. It was founded in 1983 by Randall Walker and mainly transports general freight, beverages, and paper products.
The bankruptcy petition, filed in Missouri’s Western District Court, lists James A. Keltner as the CEO. The company is looking to reorganize, but no specific reason for the bankruptcy was provided.
RBX operates mostly in the Midwest and Southeast and has listed its assets as up to $50,000, with liabilities between $10 million and $50 million. It owes money to as many as 199 creditors, but the petition did not specify how much. The company has stated that there will be no funds for unsecured creditors after covering its administrative costs.
RBX’s trucks have been inspected 148 times in the last two years, with 37 trucks placed out of service, making their out-of-service rate 25%. This is higher than the national average of 22.3%. The company’s drivers have been inspected 360 times, with only seven drivers placed out of service, giving them a 2% out-of-service rate, which is much lower than the national average of 6.7%.
Over the past two years, RBX trucks were involved in two fatal crashes, eight injury crashes, and 17 tow-away incidents.
The bankruptcy court has ordered the company to submit its financial details and schedules by December 27 and to work with the U.S. trustee. The company must also use specific bank accounts and allow the U.S. trustee to inspect its business records and premises.