Texas Business Owner Files Bankruptcy for Multiple Companies
A business owner from Henderson, Texas, has declared bankruptcy for three of his enterprises, which includes a trucking firm.
Billy J. Townley submitted a Chapter 11 bankruptcy petition for his three businesses on Wednesday, as revealed by court documents reviewed by FreightWaves. The companies involved are TLC Transportation, Townley Pallet Manufacturing, and W.D. Townley and Son Lumber Co.
The filings for Chapter 11 occurred at the U.S. Bankruptcy Court for the Northern District of Texas.
W.D. Townley and Son Lumber Co. produces pine and hardwood pallets, as well as woodchips and sawdust. Per the information on its website, this family-run company has been operational since 1943 and offers its own delivery service using trucks for customer logistics.
As indicated by the Federal Motor Carrier Safety Administration’s SAFER website, TLC Transportation serves as an interstate carrier specializing in pallet transportation. Records from SAFER confirm that the company employs six drivers and manages eight power units.
The Chapter 11 petitions disclose that both TLC Transportation and Townley Pallet Manufacturing each have fewer than approximately 50 creditors. Conversely, W.D. Townley and Son has roughly 50 to 99 creditors.
TLC Transportation’s financials show assets ranging from $1 million to $10 million, along with liabilities in the same bracket. Key creditors identified in TLC Transportation’s filing include Regions Bank ($2.97 million) from Birmingham, Alabama, the U.S. Small Business Administration ($2.97 million) located in Tyler, Texas, and the IRS ($500,000) based in Philadelphia.
In the bankruptcy filing for Townley Pallet Manufacturing, the sole creditor listed is Commercial Financial Group/Texas, which claims a debt of $1.1 million. The business estimates its assets to be between $1 million and $10 million. W.D. Townley and Son also reported assets and liabilities in the range of $1 million to $10 million, with principal creditors including Texas Mutual Insurance Co. ($156,165) in Dallas, Service Electric ($108,683) in Kilgore, Texas, and The Berkshire Group LP ($92,313) in Lake Zurich, Illinois.
The information was originally reported by FreightWaves under the headline “Texas trucking company, affiliates file for bankruptcy.”
