Small carrier’s bankruptcy spells out need for factoring

Core Points - H5 Transport, a small trucking company based in North Dakota, has filed for Chapter 11 bankruptcy protection while continuing operations [1] - The company relies on independent contractor drivers and has a factoring agreement with Triumph Business Capital to manage cash flow [2][3] - H5's bankruptcy filing indicates estimated assets between $100,001 and $500,000 and liabilities between $1,000,001 and $10 million, with 24 creditors listed [4] Company Overview - H5 Transport was founded in 2018 by Army veteran Lonnie Helgerson and operates from its headquarters in Oakes, North Dakota, with a satellite office in Bradenton, Florida [5] - The company has contracts with notable clients such as 3M Co, Bayer Crop Services, and Whirlpool, and operates dedicated lanes between North Dakota, South Dakota, and the Illinois/Indiana region [5] Operational Metrics - H5's Out of Service (OOS) data shows a higher OOS rate of 33.3% compared to the national average of 22.3%, with 4 OOS notices from 12 inspections in the past 23 months [6]