Times are tough and if you have excessive overhead you may as well get in line at the Bankruptcy courts. We have watched PTS struggle and fold sending a lot of hard-working people to the unemployment lines and now JHT Holdings looks to be in trouble as well. They have over 1300 drivers plus support staff. I hope it goes better for them than the PTS employees! You can read their official statement here in PDF.
Company officials reported in the bankruptcy filing that while the company has between $100 million and $500 million in assets, it also has liabilities of between $100 million to $500 million.
Reuters reported company officials blame JHT’s decline on a significant reduction in demand for large diesel trucks after new emission standards in 2007 increased the costs of making diesel engines, leading to higher truck prices.
Company officials do not expect daily operations to be affected.