Cole Schotz Represents STG Logistics, One of the Largest Trucking and Logistics Companies in the Country, in Chapter 11 Proceedings

Cole Schotz is proud to serve as chapter 11 co-counsel to STG Logistics, one of the largest trucking and logistics companies in the United State, in its chapter 11 proceedings filed in the U.S. Bankruptcy Court for the District of New Jersey. STG Logistics, a nationwide leader in integrated port-to-door transportation and supply-chain solutions, voluntarily filed for chapter 11 protection to implement a pre-arranged restructuring support agreement with key stakeholders. The plan is designed to eliminate approximately 91% of nearly $1 billion in debt, strengthen the company’s financial foundation, and support future growth with up to $150 million in new financing.

Importantly, STG Logistics will continue operating its business across the nation during the restructuring process. The company has filed “first-day” motions intended to ensure uninterrupted payment of wages and benefits, fulfillment of customer programs, and go-forward payments to vendors. This strategic use of chapter 11 underscores the strength of the process as a tool for financially challenged companies to reset their capital structure, preserve jobs, and position themselves for long-term success. The Cole Schotz team includes Michael D. Sirota, Felice R. Yudkin, Warren A. Usatine and Daniel J. Harris.