STG Logistics, the fourth-largest asset-based intermodal marketing company, has filed for Chapter 11 bankruptcy protection in New Jersey. The pre-negotiated plan eliminates 91% of the company’s $1 billion debt and provides $150M in new capital. The company expects to emerge from bankruptcy in five months, maintaining operations and employee payments. The debt-for-equity deal addresses litigation from minority lenders claiming unfair treatment. Acquiring XPO’s intermodal unit in 2022 and Best Dedicated Solutions in 2023, STG has grown significantly. A $300 million debt-and-equity deal in 2024 aims to fuel further expansion. CEO Geoff Anderman is confident in the company’s long-term success.

Read more at Yahoo Finance: STG Logistics files Chapter 11, charts path forward