Cargo Transportation Services said Monday, Jan. 24, that despite filing for bankruptcy, it’s still business as usual for customers, vendors and employees, thanks to recent moves by management to preserve the company’s liquidity and keep its cash flowing. At a hearing on Jan. 19, CTS and Comerica reached agreement for Comerica to continue to extend credit.
“Filing for bankruptcy was not a decision any of us took lightly, but it was the only legal recourse we had,” the Sunrise, Fla.-based company said via a press statement. “This is an unfortunate situation and is definitely not of CTS’ making. We have always paid our employees, our contractors, our vendors and our suppliers – on time.”
The firm of Stichter, Riedel, Blain & Prosser is representing CTS in the bankruptcy case. “The main thing to keep in mind is that CTS is continuing to operate, and it is basically business as usual for all of CTS’ customers and vendors,” says Edward Pe¬terson, attorney.