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With 34 power units and 33 drivers, the company filed for bankruptcy last thursday.
Based in Hayward, California, Wise Choice Trans. Corp., with 34 power units and 33 drivers, filed for bankruptcy with the U.S. Bankruptcy Court for the Northern District of California last thursday. Established in 2009, the company provided last-mile, partial and full truckload services in the San Francisco Bay Area, along with warehouse and fulfillment services, before ceasing operations.
In the bankruptcy filing, Wise Choice detailed assets and liabilities between 1 and 10 million dollars, with up to 49 creditors. Erick Crespo, the CEO of the transportation company, also sought personal bankruptcy protection. Fremont Bank in Livermore, California, emerged as the primary secured creditor, being owed over $1.3 million for more than 20 Freightliner tractors and other equipment. According to the petition, Propella Capital LLC of Brooklyn, New York, is the largest unsecured creditor, with a debt of $100,000.
Wise Choice Trans. Corp. experienced a decline in gross income, reporting around $3.6 million in 2023, a decrease of approximately $600,000 compared to the $4.2 million recorded in 2022. Despite this financial downturn, the company maintained considerably low out-of-service rates during the last 24 months.
In vehicle inspections, out of the 94 conducted, only five trucks were placed out of service, resulting in a 5.3% out-of-service rate. Regarding driver inspections, out of the 106 carried out, only two drivers were placed out of service over a two-year period, reflecting a 2% out-of-service rate. However, despite these favorable indicators, the company faces additional challenges as its insurance was canceled on January 5.
Furthermore, the bankruptcy filing outlines Wise Choice’s involvement in four legal actions currently ongoing or concluded in the Superior Courts of San Francisco and Santa Clara, without specifying the amounts involved.
Despite maintaining below-average out-of-service rates for vehicle and driver inspections, the company faces insurance cancellation and is entangled in legal proceedings. With a creditors’ meeting scheduled for January 31, the future of Wise Choice remains uncertain, marking the conclusion of a challenging chapter for the third-party logistics company.
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