New Century Transportation Files For Bankruptcy

The letter appears to state:

This is to notify you that, due to unforeseeable and dramatic changes in business circumstances beyond its control, New Century Transportation Inc., (“NCT” or the “Company”) expects that it will permanently shut down its operations at all of its facilities, including the facility located at 45 East Park Drive, Westhapmpton, New Jersey and will terminate all its employees.

The unforeseeable need to shut down operations arose when NCT’s leader recently and unexpectedly declined to continue finding regular business (illegible). NCT immediately took steps to seek financing and other alternatives, including a sale of all or part of the company, and in order to continue its pertains, but to date, its efforts have been unsuccessful.

NCT will file for relief under Chapter 7 of the United States Bankruptcy Code. NCT reasonably believes that it could not provide earlier or advanced notice of the shutdown, because such advanced notice would have (illegible) NCT’s ability to secure alternative finances of a sale of the company. The following information is provided to you in accordance with the provision of the Worker Adjustments and Retaining Notification Act (the “WARN Act”) and the New Jersey Millville Dallas Airmotive Plant Job Loss Notification Act.

I'm pretty sure that the first sentence of the second paragraph reads, "the unforeseeable need to shut down operations arose when NCT’s lender recently and unexpectedly declined to continue funding regular business operations." NCT failed to get loans to pay its bills and is filing for bankruptcy. Chapter 7 is liquidation of a business, so they'll be selling all the assets of the corporation.

I'm pretty sure that the first sentence of the second paragraph reads, "the unforeseeable need to shut down operations arose when NCT’s lender recently and unexpectedly declined to continue funding regular business operations." NCT failed to get loans to pay its bills and is filing for bankruptcy. Chapter 7 is liquidation of a business, so they'll be selling all the assets of the corporation.

More about it in Landline now. Sounds a lot like Arrow (Flatbed) Trucking Company.

http://m.landlinemag.com/Story.aspx?StoryID=27161#.U5eM8Ym9K0c

BTW, if your Comdata Card STOPS WORKING, that could be a sign of trouble.

Dave

I'm pretty sure that the first sentence of the second paragraph reads, "the unforeseeable need to shut down operations arose when NCT’s lender recently and unexpectedly declined to continue funding regular business operations." NCT failed to get loans to pay its bills and is filing for bankruptcy. Chapter 7 is liquidation of a business, so they'll be selling all the assets of the corporation.

You can read the full story and updated letter at Land Line Mag

BTW, New Century is still recruiting...New Century website

I wonder what they would say if anyone would apply.

Dave