Fluid Truck Files for Chapter 11 Bankruptcy Amid Leadership Shakeup

Fluid Truck Files for Chapter 11 Bankruptcy Amid Leadership Shakeup
Fluid Truck has filed for Chapter 11 bankruptcy protection after laying off 30% of its staff and experiencing significant financial losses. The company, known as the Zipcar of commercial vehicles, has also received a $7 million interim loan to facilitate its restructuring and potential sale. This decision follows the removal of its co-founders due to mismanagement and mounting debts, including $12 million owed to its Fluid Vehicle Investor Program members. A potential buyer, Kingbee Rentals, has emerged but lacks the funds to acquire all assets. The situation remains dire for unsecured creditors.