Franco Hauling LLC, a service-disabled veteran-owned construction hauling company based in Bensenville, Illinois, has filed for Chapter 11 bankruptcy protection in the Northern District of Illinois.
According to the 42-page bankruptcy court filing obtained by FreightWaves, the business, owned by July Franco, has up to 49 estimated creditors. Franco Hauling has estimated assets of between $50,000 and $100,000, and the company has $500,000 to $1 million in liabilities.
Top creditors with the largest unsecured claims include Trustees of the Suburban Teamsters Northern III Welfare Pension Funds ($349,439), Schaumburg Bank & Trust ($84,508) and Graciela Franco ($40,000).
The filing stated that the trustees of the Suburban Teamsters Northern III are claiming dues pursuant to a collective bargaining agreement. Teamsters Local 673 in West Chicago, Illinois, is also claiming $15,150 in union dues.
Franco Hauling LLC operates transportation for the construction industry in the Chicago metropolitan area.
The company is filing under Subchapter V of Chapter 11, allowing streamlined reorganization procedures for small businesses.
