A Henderson, Texas, business owner has filed bankruptcy for three businesses, including a trucking company.
According to court documents obtained by FreightWaves, Billy J. Townley filed Chapter 11 bankruptcy for his three companies on Wednesday: TLC Transportation, Townley Pallet Manufacturing, and W.D. Townley and Son Lumber Co.
All three filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Texas.
W.D. Townley and Son Lumber Co. manufactures pine and hardwood pallets, woodchips and saw dust. According to the company’s website, the business has been family-owned since 1943 and operates its own truck delivery service for customers.
According to the Federal Motor Carrier Safety Administration’s SAFER website, TLC Transportation is an interstate carrier that hauls pallets. SAFER records show the business employs six drivers and operates eight power units.
The Chapter 11 filings stated TLC Transportation and Townley Pallet Manufacturing each have fewer than an estimated 50 creditors. W.D. Townley and Son has an estimated 50 to 99 creditors.
TLC Transportation has $1 million to $10 million in assets and $1 million to $10 million in liabilities.
Top creditors listed in TLC Transportation’s bankruptcy filing are Regions Bank ($2.97 million) in Birmingham, Alabama, the U.S. Small Business Administration ($2.97 million) in Tyler, Texas, and the IRS ($500,000) in Philadelphia.
Commercial Financial Group/Texas, based in Atlanta is the only creditor listed in Townley Pallet Manufacturing’s filing. Commercial Financial Group/Texas claimed it is owed $1.1 million, and Townley Pallet Manufacturing estimates it has $1 million to $10 million in assets.
W.D. Townley and Son has $1 million to $10 million in assets and $1 million to $10 million in liabilities.
Top creditors for W.D. Townley and Son Lumber Co. include Texas Mutual Insurance Co. ($156,165) in Dallas, Service Electric ($108,683) in Kilgore, Texas, and The Berkshire Group LP ($92,313) in Lake Zurich, Illinois.
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