C. Bean files for Chapter 11, shutters trucking operations

| 3/18/2010

On the same day that C. Bean Transport’s over-the-road operations were permanently closed, the company also filed for bankruptcy protection in U.S. District Court in Fort Smith, AR.

On Wednesday, March 17, C. Bean filed a voluntary petition for relief under Chapter 11, listing the estimated number of creditors as between 200 and 999, and its estimated assets and liabilities as both being between $10,000,001 and $50 million.

Richard Bell of Bell Receivers LLC issued a formal statement on Wednesday that C. Bean was ceasing its over-the-road operations, but would continue to operate its warehouse facility in Fort Smith, AR.

In late February, Bell Receivers became the court-appointed receiver for C. Bean after the company defaulted on a $5.6 million loan with its bank, 1st Source Bank in South Bend, IN.

This latest news comes a little more than a week after drivers for C. Bean Transport received Qualcomm messages advising them to fuel up their trucks, deliver their loads, and make their way back to Arkansas. Around the time of its closure, C. Bean had 226 power units and 208 drivers.

On Friday, March 12, some OOIDA members reported that they were alerted that the layoffs might be permanent after they received a letter with their paychecks from C. Bean stating the company was permanently closing.

At that time Bell Receivers hadn’t issued a formal statement yet regarding the company’s future.

– By Clarissa Kell-Holland, staff writer