A Missoula, MT, trucking company with more than 400 employees planned to file for Chapter 11 bankruptcy Monday, July 14. Jim Palmer Trucking operates using both company drivers and owner-operators.

The Associated Press quoted lawyers for Jim Palmer Trucking as saying a poor economy and high fuel prices have left the company as much as $2 million behind in repaying loans and other debts. The president of the 44-year-old company says he’s just looking for a little “breathing room” and fully intends to continue operating.

Just a month ago, it was reported that the Canadian billboard company ActionView planned to buy Jim Palmer Trucking, but the deal fell through at the last minute.