KB XPRESS CORP Bankruptcy Filing
Case Number: 24-19864
KB XPRESS CORP filed a 7 chapter bankruptcy in the District of New Jersey bankruptcy court on October 04, 2024. This is a voluntary filing; it was assigned the bankruptcy case number #24-19864.
KB XPRESS CORP Filing Information
KB XPRESS CORP has filed for bankruptcy under case number 24-19864, marking a significant development in its financial restructuring efforts. According to court records, the corporation filed for Chapter 11 protection on October 4, 2024, in the United States Bankruptcy Court for the District of New Jersey. As a corporation, KB XPRESS CORP is required to disclose detailed information about its financial condition and operations. The case is being presided over by Judge John K. Sherwood. The Debtor's address has been listed as 14 E. 5th Street, Paterson NJ, providing a physical location for the company to seek assistance from creditors and stakeholders. This bankruptcy filing indicates that KB XPRESS CORP is seeking protection under Chapter 11 of the US Bankruptcy Code, which will allow it to restructure its debt obligations and continue operating while navigating financial difficulties.
KB XPRESS CORP filed for bankruptcy, marking a significant development in the company's financial history. As part of the filing, the court was made aware that the corporation has assets valued within the range of $0 to $100,000, indicating a relatively limited scope of assets at its disposal. The bankruptcy also revealed that KB XPRESS CORP is facing a substantial number of creditors, with 1-49 individuals or entities holding claims against the company. Furthermore, the corporation's liabilities are estimated to be within the range of $100,001 to $1,000,000, suggesting significant financial obligations. Given its classification as a General Freight Trucking business, KB XPRESS CORP operates in a sector that often experiences fluctuations in demand and profit margins. The exact nature and extent of these challenges will become clearer as the bankruptcy proceedings continue.
KB XPRESS CORP indicated on its bankruptcy petition that it does not expect there will be sufficient assets in the estate to make a payment to the unsecured creditors. This is a bad sign for creditors as it implies that no recovery is likely.
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KB XPRESS CORP Docket Header
Assigned to: Judge John K. Sherwood Chapter 7 Voluntary No asset |
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| Debtor KB Xpress Corp 14 E. 5th Street Paterson, NJ 07524 PASSAIC-NJ Tax ID / EIN: 82-3178174 |
rep. by |
Jamal J Romero
Scura, Wigfield, Heyer, Stevens & Cammarota, LLP 1599 Hamburg turnpike wayne Wayne, NJ 07470 973-696-8391 Email: jromero @ scura.com |
| Trustee John Sywilok John W. Sywilok, Chapter 7 Trustee 52 Main Street Hackensack, NJ 07601 201-487-9390 |
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| U.S. Trustee U.S. Trustee US Dept of Justice Office of the US Trustee One Newark Center Ste 2100 Newark, NJ 07102 (973) 645-3014 |