A fire fighting company now files for an unexpected bankruptcy despite their good intentions and a mission to serve the public.
Restoration Forest Products has a noble mission, but that has not been enough for the company, which has filed for Chapter 11 bankruptcy protection, reports TheStreet.
Restoration Forest Products works with the U.S. Forest Service on a variety of contracts including service contracts and timber sales.
“RFOR also works collaboratively with the Four Forest Restoration Initiative, whose mandate is to restore forest health and working to meet the needs of all of the stakeholders including communities, state, federal, environmental, and business,” the company says on its website.
“The U.S. Forest Service seeks to restore over 2.4 million acres of Arizona’s forest to a more natural state, thereby reducing wildfire risk.”
The company works to turn trees into lumber and other products used in homebuilding, in a way that’s good for the environment.
The company also works to prevent wildfires, a massive problem in the western U.S.
“Restoration Forest Products is passionate about the vital work of forest restoration in order to help protect communities from catastrophic wildfires and post-wildfire flooding, improve wildlife habitats, conserve biodiversity, mitigate overgrowth, and restore our natural forest structure and function,” the company added.
Restoration Forest Products has filed a consensual prepackaged court-supervised process under Chapter 11 of the U.S. Bankruptcy Code, “which it expects to complete as expeditiously as possible,” according to the company.
Assuming the court approves the plan, RFOR will emerge from the Chapter 11 bankruptcy with Invesco,, a massive investment company operating in 26 countries, as its controlling owner.
Invesco will take majority ownership while RFOR’s current equity partner, Lateral Investment Management, will retain a stake, reports TheStreet.
Also Read: A Massive Clothing Retailer Will Now Lay Off 357 Employees
Other Economy News Today
A Texas trucking company now files an unexpected bankruptcy during a time where America already has a shortage of drivers.
“More than 80,000 drivers are needed to make up a shortage in America this year.
And unfortunately, this problem doesn’t look like it will be solved anytime soon.
It is believed that by the year 2030, there will be a shortage of 160,000 truck drivers,” the American Journal of Transportation (AJOT) reported.
J.J. & Sons Logistics, which operates as JJ Transport, has now filed for Chapter 7 bankruptcy liquidation, “four days before a wrongful death civil trial filed by the family of one of its former drivers who drowned in 2016 was slated to start in El Paso County, Texas,” FreightWaves reported.
The company has been operating since 2000.
The company had employed 19 drivers using 18 trucks.
Its website, which is still up, shared the following description of the company:
“Fast and friendly, we offer professional services throughout the Southwest area. Our team of pros is up for any job, from big to small.
Customers know that we stand behind our work, putting your satisfaction as our #1 priority.
What really makes us stand out is our dedication, great prices, and attention to detail.”
In its bankruptcy filing, JJ Transport reported that its assets were $500,000 while it reported liabilities between a whopping $100 million and $500 million.
It’s not just the United States that has a shortage of truck drivers.
The International Road Transport Union’s 2023 driver shortage report found more than three million truck driver jobs are unfilled, or 7% of total positions, in 36 countries studied, reports TheStreet.
“With the huge gap between young and old drivers growing, it will get much worse over the next five years without significant action,” the IRU reported.
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Also Read: A Massive Furniture Company Now Lays Off 1,650 Employees
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