Florida-based AGX Freight halts operations amid lender dispute

Core Viewpoint - AGX Freight Group has indefinitely suspended operations due to a dispute with a senior secured lender, which restricted access to working capital necessary for day-to-day operations [1][2]. Company Overview - Founded in 2016, AGX Freight developed into a full-service logistics and transportation platform, offering truckload, less-than-truckload, intermodal, and specialized freight services [3]. - Prior to the shutdown, the company employed up to 50 individuals [3]. Operational Impact - The lender dispute has led to the company halting all operations, with a complete shutdown expected by January 31 [1]. - The president of AGX Freight stated that the company is not in default and has sufficient working capital to fund operations, but the issue lies in the accessibility of those funds [2]. Industry Response - Following the announcement of the suspension, carriers and logistics partners have expressed concerns regarding outstanding invoices and the next steps after the abrupt halt in operations [4]. - Industry fraud-monitoring groups have warned that broker shutdowns often lead to impersonation attempts, advising carriers to verify load tenders, payment requests, and email domains related to AGX Freight Group [4].