Cannon Express has told the U.S. Securities and Exchange Commission it will file for Chapter 11 bankruptcy protection at the “earliest practical date.”
The truckload carrier made the statement Dec. 2, six weeks after the Arkansas-based company voluntarily delisted its securities on the American Stock Exchange.
In May, Cannon company founders sold 60 percent of its outstanding stock to Arizona Diversified Equity. John Pacheco, ADE president and founder, became Cannon’s chairman and chief executive officer.
Cannon had engaged the Tennessee-based CFOex in July in hopes the financial services company could help it improve its finances. At that time, the irregular-route carrier serving North America had 775 trucks and was considering increasing rates where justified and selling idle equipment.