26 C
New York

Trucking company plans to buy bankrupt NEMF’s affiliate fleets


A Virginia-based trucking company has agreed to purchase millions of dollars worth of equipment from a trucking company that abruptly declared bankruptcy earlier this year.

On Thursday, April 25, it was reported that Estes Express Lines has bid to purchase tractors, trailers, and other trucking equipment from the now-bankrupt New England Motor Freight (NEMF) affiliate companies Eastern Freight Ways Inc. and Carrier Industries Inc.

Estes Express Lines would pay $15 million for NEMF’s assets as a means to expand their flatbed and dedicated divisions, according to reporting from the Wall Street Journal.

Prior to the purchase, Estes Express operates more than 6,700 tractors and 30,000 trailers.

A court will rule on May 16, 2019, on whether the proposed purchase is approved.

In February 2019, NEMF shocked the trucking industry when it suddenly announced that it was filing for Chapter 11 bankruptcy. The company blamed the truck driver shortage, the cost of equipment, and the increasing cost of regulations and tolls for their declining margins.

February 11, 2019To The Workers of NEMF: It is with a heavy heart that I am writing this letter to inform you of our…

Posted by NEMF – New England Motor Freight on Wednesday, February 13, 2019

Hundreds of NEMF workers across the country were laid off as a result of the bankruptcy.

In 2018, NEMF ranked as the 17th-largest LTL carrier in the U.S. with revenue over $400 million.


Get the hottest daily trucking news

This Week in Trucking