OTR Express to shut down
OLATHE, Kan. — OTR Express said it will wind down its truckload business within 60 days due to high operating costs, declining margins on freight rates, and the falling value of used trucks and trailers.
In a press release, the truckload carrier said it would continue to pickup and deliver loads while it shuts down operations and liquidates “in an orderly manner.”
OTR lost money the past seven quarters. The board of directors said any resources from liquidated assets would be used to cover liabilities. The company added that it may lack sufficient funds to fully pay unsecured creditors.
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