*Editors Note* This story was to be published three weeks ago but was delayed due to technical difficulties.
The historic LTL carrier New England Motor Freight suddenly announced yesterday plans to voluntarily enter Chapter 11 bankruptcy and cease operations. News of the bankruptcy came as a shock to the LTL community as capacity within the trucking segment is at near historic highs. Specific reasons were not provided as to why bankruptcy was the only option but industry experts suspect that carrier was too reliant on major contracts from one or two major clients that left little room for margin in already highly competitive market. Ten other subsidiaries of NEMF also fall by the wayside including the well know Eastern Freightways.
For true industry insight check out this article over at Logistics Management.com
I always enjoyed seeing NEMF trucks on the road as the company kept up a livery of colors other than white. It was also fun to pronounce the company acronym. Fun fact, the company was founded in 1977 by Myron Shevell. Myron’s daughter is Nancy who just happens to be married to Sir Paul McCartney.
Now that Excellence in Motion has become a fallen flag lets let back on some photos from years past in this memorial gallery.
It’s ironic that the many folks blame the dog eat dog state of the modern trucking industry to deregulation. Usually it’s regulation that stifles an industry but in this case the exact opposite has occurred. Poor old government, can’t win for trying.
I have to think the drivers will find work immediately.
Glad to see this post, was getting worried.
Myron Shevel had a personal loan of $8 million dollars from NEMF as of bankruptcy date in 2019. The court / judge allowed the monies in the bank , receivables , over the objections of the.creditors to be used for assembling the motor truck equipment and other assets before the Auction sale, Myron Shevel agreed , at that time,, to repay the 8 million to NEMF. During the proceedings there was no mention seen / witnessed that showed Myron Repayment the loan. It is a known fact that Myron and his Daughter own extensive property in NJ , NY , PA and FL which could / should have been placed as collateral to partially cover the known 8 million collectible.