An Illinois trucking company with 183 trucks and 171 drivers recently filed for Chapter 11 bankruptcy protection.
Founded in June 2010, Nationwide Cargo Inc. of East Dundee, Illinois, hauls general freight, fresh produce and meat, according to the Federal Motor Carrier Safety Administration’s SAFER website.
The petition, filed in the U.S. District Court for the Northern District of Illinois on Wednesday, lists Hristo Angelov as the president of Nationwide Cargo.
No reason was given as to why the carrier filed for bankruptcy protection, but it seeks to reorganize, according to the petition.
Nationwide Cargo lists its assets as between $1 million and $10 million and its liabilities as between $10 million and $50 million. The petition lists the number of creditors as up to 49 but states that funds will not be available for unsecured creditors once it pays administrative fees.
Angelov’s attorney, David D. Leibowitz, did not respond to FreightWaves’ request for comment as of publication.
Nationwide Cargo’s trucks had been inspected 185 times and 48 had been placed out of service in a 24-month period, resulting in a nearly 26% out-of-service rate. This is higher than the industry’s national average of around 22.3%, according to FMCSA.
The trucking company’s drivers had been inspected 457 times over the same 24-month period, with 18 drivers being placed out of service, resulting in a nearly 4% out-of-service rate. This is lower than the national average of around 6.7%, according to FMCSA.
In the past two years, the company’s trucks had been involved in 12 injury crashes and 18 tow-aways.
The carrier’s gross revenues from Jan. 1 until its bankruptcy filing date are nearly $9.3 million. Its petition states the company made around $40 million in 2023 and nearly $34 million in ’22.
According to the petition, Nationwide Cargo’s shareholders Angelov, Peter Trendafilov and Peter Panteleymenov each took a shareholder draw of $10,000 in December.
The petition states that a payment of $200,000 was made in December to Five Star Garage, also located in East Dundee. According to the Illinois secretary of state’s business entity search, Five Star Garage is owned by Angelov.
The trucking company is involved in three pending lawsuits in Tennessee, Illinois and Arizona.
The three largest creditors with secured claims listed in the petition are Equify Financial LLC of Fort Worth, Texas, owed more than $3.5 million; Commercial Credit Group Inc. of Naperville, Illinois, owed nearly $1.8 million; and Continental Bank N.A. of Salt Lake City, owed nearly $676,000.
A creditors meeting hasn’t been scheduled yet.
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Chris
This to the ‘myself poster above. What, did she turn you down on a date or something? I noticed you didn’t offer any evidence to correct what she said. Typical passive aggressive Incel. Back your mouth up or take your micro pp somewhere else.
Murphy
As a company that hires good solid drivers there are too many Eastern European trucking businesses in the Illinois area that are scammers. They’re scammers in the way that they just keep hiring drivers and cheating the driver(s) out of pay. They keep the money for themselves. The first few paystubs will look nice, after this they’ll slowly turn the valve to the money off. The driver after not receiving the money owed to him/her move on. Filling a complaint is relatively useless. They will do some sort of fraudulent documentation showing the driver was fired for some reason. By the time someone gets involved that can and wants to shut them down, they just close up shop, pass it on to a relative and open back up under a different name with a different owner. It astonishes me how easily these companies can get funds and credit to operate. I agree with one of the other posters on this thread, SHUT THEM DOWN, GET RID OF THEM.
Leander Oran Richmond
If you are a carrier and owed money by a recently failed broker, call the shipper immediately. If they have NOT paid the broker for that shipment, ask them if they will pay you.
Myself
Such false information. Obviously Clarissa doesn’t know what she is reporting. 🤣😂🤣😂 not her first time.
Dave
They’ll just start over under a different name.
Screw as many people as possible and move on.
M
sounds like a no name- white volvo eurotrash carrier to me
Marlin Parkins
America is a big fat juicy piece of fruit just waiting to be picked/stolen, for a long time now. The problem is that big fat Americans do not make any effort to notice until the problems roosts in their own personal back yard and then it may be too late.
Patrick
Eastern Europeans plus the state of Illinois equals bad news. Get rid of these people.