O&S Trucking, a Springfield, MO-based truckload carrier owned by former Truckload Carriers Assn. chairman Jim O'Neal, filed for bankruptcy on Wednesday, May 31.
The company has asked a bankruptcy judge to allow it to affiliate with Prime, Inc., which is also based in Springfield, to help the company reorganize and pay off its debts.
According to the bankruptcy filing, the company's board of directors met on May 19 to authorize the reorganization. The filing says the company has assets worth less than $50,000 and lists liabilities between $10 million and $50 million, according to a KY3 News report.
In the filing, O&S said it has been in negotiations with Prime to affiliate with the larger carrier to gain Prime’s ability to negotiate lower fuel and equipment prices in order to reduce O&S Trucking's operating costs.
O&S asked the U.S. Bankruptcy Court judge to approve the arrangement with Prime quickly.
O'Neal resigned as Mayor of Springfield on May 7 with a year left on his term to devote attention to his trucking company.
A meeting of creditors of O&S is scheduled for July 18.