Carriers unable to pay drivers, buy fuel after CoreFund Capital closes• https://www.freightwaves.com by Clarissa Hawes
Hundreds of small-business truckers who use CoreFund Capital to factor their accounts receivable are struggling to stay afloat after the Weatherford, Texas-based company abruptly closed its doors 10 days ago and fired its entire staff over a legal spat between two brothers.
However, late Thursday, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund, which may help truckers gain access to funds more quickly.
Attorneys, rival factoring companies and brokerages have received numerous calls from some of CoreFund's approximately 350 trucking clients, including many owner-operators, who are desperate for answers and may be forced to close their doors if they can't pay their drivers or purchase fuel.
Tony Ginevra, director of operations for Florida-based John J. Jerue Truck Broker, works with a network of 50,000 trucking companies, including 140 carriers in his database that factor their receivables through CoreFund Capital. He's concerned about not being able to pay these carriers since he's had no communication with any of CoreFund's executives.