Transportation & Logistics Systems, Inc. (TLSS): restructuring charge — TLSS subsidiaries TLSS-FC and Freight Connections file Chapter 7 bankruptcy

Transportation & Logistics Systems, Inc.

On Dec 1, 2023, subsidiaries TLSS-FC Inc. and Freight Connections Inc. filed voluntary Chapter 7 petitions in NJ Bankruptcy Court.
Trustee Steven P. Kartzman appointed to market and sell FC assets to maximize value for creditors and stakeholders.
TLSS expects no impact on remaining operations: Cougar Express, JFK Cartage, and Severance Trucking.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Transportation & Logistics Systems, Inc. announced a impairment affecting FC business (TLSS-FC, Inc. and Freight Connections, Inc.).

Type: impairment
Affected area: FC business (TLSS-FC, Inc. and Freight Connections, Inc.)

Exact text from the filing

On December 1, 2023, two subsidiaries of TLSS Operations Holding Company, Inc., a wholly-owned subsidiary of Transportation and Logistics Systems, Inc. (OTC PINK: TLSS) (“TLSS” or the “Company”), specifically TLSS-FC, Inc. and Freight Connections, Inc. (together “FC”) filed voluntary petitions under Chapter 7 of the US Bankruptcy Court, in the District of New Jersey.

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2 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-044221

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