STG Logistics, the nation’s fourth-largest asset-based intermodal marketing company, filed for Chapter 11 with a plan to eliminate 91 percent of its nearly $1 billion debt load.
The restructuring will provide the company with $150 million in new capital to support operations and pay employees and vendors. The pre-arranged deal, involving a debt-for-equity swap with sponsors and lenders, is not a liquidation. STG expects to exit bankruptcy within five months, according to Freight Waves.
Headquartered in Dublin, Ohio, STG has grown significantly through acquisitions since it was acquired by Wind Point Partners in 2016, quadrupling in size through 10 deals.