H5 transport, a North Dakota trucking company, files for bankruptcy protection under chapter 11. The company operates with 10 power units and three drivers, relying on independent contractor drivers. It seeks to continue a factoring agreement with Advance Business Capital amid financial struggles in the weak freight market.

The bankruptcy filing lists one to 49 creditors, with estimated assets of $100,001 to $500,000 and liabilities of $1,000,001 to $10 million. The list of creditors includes Triumph Business Capital, Advanced Business Capital, the U.S. Small Business Administration, and Motive Technologies.

Founded in 2018 by Army veteran Lonnie Helgerson, H5 has contracts with 3M Co, Bayer Crop Services, Whirlpool, and others. It operates dedicated lanes between North Dakota, South Dakota, and the Illinois/Indiana region. H5’s Out of Service data shows a slightly higher rate than the national average, but with a small sample size.

Read more at Yahoo Finance: Small carrier’s bankruptcy spells out need for factoring