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FreightWaves data show that more than 20 trucking and logistics companies sought bankruptcy protection during May, ranging from single truck owner operators to a 302 truck regional carrier, as weak freight demand and rising costs continue to thin the ranks of American haulers.
The filings include both Chapter 7 liquidations and Chapter 11 restructurings, underscoring the breadth of financial distress gripping the U.S. truckload sector more than two years into a prolonged freight downturn.
A Legacy Carrier Liquidated, an Oilfield Hauler Restructures
Among the most prominent casualties was Standard Forwarding Freight, a Georgia-based regional trucking company with 92 years of operating history. The carrier abruptly ceased operations late last year and completed its Chapter 7 liquidation on May 7. At the time of shutdown, Standard Forwarding operated 14 terminals across the Midwest, employed 230 drivers, and ran a fleet of 302 trucks hauling automotive parts and industrial freight.
One of the largest Chapter 11 restructuring cases came from Bullet Energy Services LLC, an Oklahoma based oilfield transportation company that filed for protection on May 13 in the Eastern District of Oklahoma. Court records listed estimated assets between $1 million and $10 million and liabilities ranging from $10 million to $50 million, with between 100 and 199 creditors. The company continues operating as a debtor in possession while it restructures. According to Federal Motor Carrier Safety Administration records, Bullet Energy runs 32 trucks and employs 60 drivers.
Other Chapter 11 filings included Platinum Express Inc. of Dayton, Ohio, operating 23 trucks and 23 drivers; Direct Motor Lines Inc. of Clarendon Hills, Illinois, running 22 leased tractors; and Steven Mccanless Trucking Inc. of Columbia, Tennessee, which listed 15 power units and 13 drivers while also facing breach of contract litigation.
Small Fleets Bear the Brunt
The majority of filings involved fleets with fewer than 10 trucks, illustrating how acutely the downturn is hitting smaller operators with less financial cushion.
BNL Enterprises Inc. of Pea Ridge, Arkansas, filed for Chapter 11 while operating just three power units. The company reported traveling only 10,000 miles during 2025, a figure that points to severe operational decline. JN Griffin Trucking LLC, a logging company in Gurdon, Arkansas, sought protection on May 22 with two trucks and two drivers.
T & T Hauling and Transport LLC of Wendell, North Carolina, also filed for Chapter 11 while continuing local dump truck operations hauling rock, sand, dirt, and asphalt in the Raleigh Durham area.
Chapter 7 liquidations during May included Bolt Carriers Inc. (Illinois), Dukay Trucking LLC (Indiana), YMT Line Transport Inc. (Florida), Bull Trans LLC (Pennsylvania), and several California based firms. Freight brokerage Tena Logistics US Inc. of Arizona was among the non asset operators that also folded.
In Indianapolis, AM Logistics Inc., a third party logistics provider affiliated with Team Worldwide, filed for bankruptcy on May 27 after logging approximately 350,000 miles during 2025 with four to six power units.
Exit Pace Running 31% Above Last Year
Industry data tracked by FreightWaves SONAR confirm that the wave of failures is not slowing. Carrier net revocations, which measure how many truckload operators are leaving the industry, have remained elevated throughout the first half of 2026. The current pace of exits is running 31% above the same period in 2025.
At the same time, new operating authority issuances have fallen 22% in recent weeks, suggesting that federal and state enforcement actions may be raising barriers to entry and further tightening the supply side of the market.
While freight volumes have shown tentative signs of stabilization in recent months, many operators continue to face pressure from elevated insurance costs, equipment expenses, driver wages, and soft pricing across the truckload market. MAR Enterprises LLC of McAllen, Texas, which hauled general freight, produce, and paper products across more than 1.4 million miles annually with nine power units, is among those now reorganizing under Chapter 11.
The sustained pace of exits points to a market that has yet to find a floor, with smaller carriers and asset light logistics providers absorbing the sharpest blows.
