Maverick Flatbed and CFI/Conway Bankrupt?

[pigrider]

Has anyone heard anything about these two companies, filing for Chapter 11? A buddy of mind was telling me, that he had heard that they both had filed for Bankruptcy protection!

[Heavy Duty]

Rumors have had every company bankrupt at one time or another. Get the facts, run a Google news search.

[VitoCorleone99]

Your buddy needs a hobby.

Con-way is a publicly traded company. If they had filed for bankruptcy protection, then this Google search (con-way bankruptcy) would return more than just a bunch of attorneys' web sites.

con-way bankruptcy - Google Search

In addition, Maverick has exactly nothing to do with Con-way Truckload (CFI). If they had filed for bankruptcy (which our buddy Google doesn't seem to think they've done), it would be entirely irrelevant to Con-way.

[Jumbo]

Breaker 1 9 good buddies. The following companies have all filed for bankruptcy protection: Jb Hunt, Schneider, Prime, Swift, Tmc, Cr England, Crete, Maverick and Cfi. How do I know? Because I read it on the internet and we all know that the internet is SERIOUS BUSINESS!!!!

[Biscuit Lips]

Though Maverick has not officially declared chapter 11, they are in a severe financial crisis. They have been running on reserve capital for quite some time. I know for certain they did not make a profit in the year 2007 and stayed in the red for most of 2008.

[allan5oh]

No, but YRC is on the verge, as is swift:

will Teamster givebacks be enough to save YRC? – News – DC Velocity

[cdswans]

No, but YRC is on the verge, as is swift:

will Teamster givebacks be enough to save YRC? – News – DC Velocity

Read that link! You won't believe what it says about Swift! Nice work, Al . . fine piece of work there, eh?

[Heavy Duty]

Try this one.

Please Save the Phoenix Coyotes: Trouble in the Desert | Bleacher Report

"Unfortunately, it does not appear that this has worked out for the best. Owner Jerry Moyes is in deep financial trouble, as his company, Swift Transportation, is on the verge of bankruptcy, with the rising of fuel costs and the tanking economy."

[Biscuit Lips]

Read that link! You won't believe what it says about Swift! Nice work, Al . . fine piece of work there, eh?

Maybe I missed it but I did not see anything about Swift. The link was about Y.R.C. trying to blame the unions for their poor financial decisions, much the same as the "big three" automakers.

[Orangetxguy]

I can believe Maverick is in trouble. Freightliner dealerships are loaded up with Maverick trucks that have been turned back, and you just don't see as many on the road as you used to.

The old CFI bosses are probably patting themselves on the back for pulling the trigger on the sale to Conway. Made themselves a pretty decent chunk of change, and got out at just the right time. Nothing like being a wage earner when the cht hits the fans.

[cdswans]

Maybe I missed it but I did not see anything about Swift. The link was about Y.R.C. trying to blame the unions for their poor financial decisions, much the same as the "big three" automakers.

That was my point . . Al's post implied the link has information about Swift. There isn't one word about Swift. I was being sarcastic.

I have posted at least a couple of links (in other threads) from hockey sources that have alluded to Moye's/Swift's apparent weak financial position but I have yet to see anything which speaks to the issue outside of the hockey world. dobry4u provided a link from the Wall Street Journal but even their article was primarily limited to speculation about the Coyotes. I find it interesting that the hockey world is all over this but the trucking papers haven't said a word and neither have the Phoenix papers. It makes me very suspicious as to the accuracy of the claims.

I was listening to a radio program out of the Cincinnatti area and heard a guest say that 55 restaurants in the immediate area had shut down within the previous 90 days. I don't need to go into the innumerable big name blue chip outfits that are at the brink of banruptcy or who haven't already been bailed out. I have no dillusions as to the possibility that Swift, Maverick, YRC, etc . . or any company, for that matter, are somehow above the fray.

So, just in case . .

From Heavy Duty's link:

"As a hockey fan, I am advocating that we as hockey fans do our part to help save this franchise. These facts and figures may all seem like the team is already too far down the path for salvation to take place, but I can assure you that it is not."

I can only add "As a Swift Driver . . GO COYOTES!"

[Biscuit Lips]

That was my point . . Al's post implied the link has information about Swift. There isn't one word about Swift. I was being sarcastic.

I have posted at least a couple of links (in other threads) from hockey sources that have alluded to Moye's/Swift's apparent weak financial position but I have yet to see anything which speaks to the issue outside of the hockey world. dobry4u provided a link from the Wall Street Journal but even their article was primarily limited to speculation about the Coyotes. I find it interesting that the hockey world is all over this but the trucking papers haven't said a word and neither have the Phoenix papers. It makes me very suspicious as to the accuracy of the claims.

I was listening to a radio program out of the Cincinnatti area and heard a guest say that 55 restaurants in the immediate area had shut down within the previous 90 days. I don't need to go into the innumerable big name blue chip outfits that are at the brink of banruptcy or who haven't already been bailed out. I have no dillusions as to the possibility that Swift, Maverick, YRC, etc . . or any company, for that matter, are somehow above the fray.

So, just in case . .

From Heavy Duty's link:

"As a hockey fan, I am advocating that we as hockey fans do our part to help save this franchise. These facts and figures may all seem like the team is already too far down the path for salvation to take place, but I can assure you that it is not."

I can only add "As a Swift Driver . . GO COYOTES!"

I'm sorry, that was my fault, I misinterpreted your post. That is weird how it is only in the hockey world that Swift's financial security is being called into question. As a Swift driver do you get free tickets to the Coyote's games?

[VitoCorleone99]

Absent a swift and strong recovery, the challenges facing the company are likely to be insurmountable, the executive adds.

You see? It's as plain as the nose on your face. For Yellow to survive, not only does Swift need to recover. Strong from Norfolk, Nebraska will need to recover as well. That's clearly what the author was trying to convey. Or something.

[cdswans]

I'm sorry, that was my fault, I misinterpreted your post. That is weird how it is only in the hockey world that Swift's financial security is being called into question. As a Swift driver do you get free tickets to the Coyote's games?

Perhaps sync will pipe in on that one. I don't get to Phoenix very often, thank goodness. I do recall there was a notice on a bulletin board about Diamondback tickets . . discounted, I think and it's probably the same for hockey.

Now that I'm thinking about it and this may speak to the troubles at hand (hockey), I can't imagine that Swift would be too warm to the idea of having a bunch of trucks bobtailing back and forth to Glendale.

[allan5oh]

Information on Swift is hard to come by, because the company is private and does not put out public filings. However, I did read a report(I'm trying to find it now) that stated swift is in one of the worst shapes out of the big companies.

Here's a couple:

Analyst: Truckers YRC, Swift risky in shaky market - International Business Times -

Moody's lowers Swift Transportation's rating to Caa1; outlook negative - Rating Action - 2008/12/03 - Moody's Global Credit Research - AlacraStore.com

Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk, and have "extremely poor credit quality"

[allan5oh]

Basically I personally think many companies that have poor credit will not be able to maintain their fuel float if fuel prices go up again. Their credit is shot, and in today's market that is a death wish.

[Skywalker]

I can believe Maverick is in trouble. Freightliner dealerships are loaded up with Maverick trucks that have been turned back, and you just don't see as many on the road as you used to.

The old CFI bosses are probably patting themselves on the back for pulling the trigger on the sale to Conway. Made themselves a pretty decent chunk of change, and got out at just the right time. Nothing like being a wage earner when the cht hits the fans.

Yup, the son and daughter of the founders must have had a crystal ball...... I just hope for their sake it was cash up front not stock in Con-Way.....

[cdswans]

" . . funded roughly 50-50 with cash on hand and debt financing . . "

Source: Con-way buying CFI

I find it very interesting how the thread quickly turned to speculation of Conway's imminent demise . . that is the power of the rumor!


"The reports of my death are greatly exaggerated" Mark "Conway/CFI" Twain

[jonp]

Hey Pigrider, I went through the Recondo School at Bragg also. It was interesting. Never thought that I could fall asleep standing up.

[pigrider]

LOL!! What about chasing down the chicken to eat and cooking your rice in your canteen cup over the fire you made from rubbing two branches together! That was the first and time I had ever experinced hunger!!