Illinois-based trucking carrier VIB Trans, Inc. files for Chapter 11 bankruptcy protection amid the Great Freight Recession, employing 34 drivers with a fleet of 29 trucks. Trucking volumes have dropped by 18% year-over-year, contributing to financial pressures felt across the industry.

Over 200,000 non-domiciled commercial driver’s licenses issued since 2019, flooding the market with over 310,000 trucks. This excess capacity leads to increased competition, lower rates, and financial challenges for trucking companies like VIB Trans.

A major flatbed operator ceases operations, leaving 1,000 employees, including 600 drivers, without work. An Alabama-based trucking firm also files for Chapter 7 liquidation, cutting another 1,000 jobs. Smaller carriers, like VIB Trans, with fleets under 50 trucks, face heightened vulnerability in the current market conditions.

Read more at Yahoo Finance: 29 truck carrier files Chapter 11