The industrial truck trade has confronted financial misery over the past 12 months that has resulted in sure firms shutting down operations and going out of enterprise, and in some instances, submitting for chapter safety.
Firms have blamed excessive quantities of debt obligations, rising prices from inflation and excessive rates of interest for his or her monetary misery.
Business truck firms that had extreme difficulties and ceased working embody Nikola Corp. and Bollinger Motors.
Business truck makers stop operations
Nikola Corp. a pioneer within the growth of battery electrical and hydrogen gas cell electrical semi-trucks, filed for Chapter 11 chapter on Feb. 19, 2025, and liquidated its belongings.
Nikola’s recall of all of its BEV vans at first of the third quarter of 2023 to exchange faulty battery packs incurred important bills and $44 million in losses, which led to its chapter submitting.
Business electrical truck producer Bollinger Motors additionally shut down operations six months after rising from receivership.
Bollinger Motors, which was based in 2015, launched its B1 SUV prototype for customers in 2017 earlier than later launching its industrial electrical truck manufacturing in Oak Park, Mich., with its Bollinger B4 in September 2024.
The industrial electrical truck maker’s monetary points led to it lacking two payroll intervals in November 2025 and ceasing operations on Nov. 21. The corporate’s web site is not operational finally verify.
Tonka Worldwide Company recordsdata for Chapter 11 chapter to reorganize its enterprise.
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Tonka Worldwide recordsdata for chapter safety
And now, industrial vans and heavy tools seller Tonka Worldwide Company filed for Chapter 11 chapter for the second time in over 5 years to reorganize its enterprise, as a glut within the used equipment market affected the corporate’s gross sales.
The corporate has no relation to the Tonka toy model, which has been owned by toy firm Fundamental Enjoyable since 2019. Fundamental Enjoyable, coincidentally, filed for Chapter 11 safety in June 2024, Inforuptcy reported.
Firm filed for chapter in 2020
Tonka Worldwide first filed for Chapter 11 safety on March 9, 2020, at first of the Covid-19 pandemic, based on PacerMonitor.
The Plano, Texas-based debtor filed its Subchapter V petition within the U.S. Chapter Courtroom for the Northern District of Texas on Jan. 15, itemizing as much as $50,000 in belongings and $100,000 to $500,000 in liabilities, based on RK Consultants.
Tonka Worldwide is a licensed and bonded wholesale seller, specializing within the wholesale distribution of business vans, trailers, boats, cranes, excavators, and heavy tools, serving the mining, power, and development sectors, primarily within the North Texas Area.
Lowered demand for older vans and tools
The corporate, which was based in 2013, manages a various stock of used tools, however current shifts towards Tier 4-compliant engines and digital telematics have decreased the demand for older models in its fleet, based on a RK Consultants chapter alert.
Lowered demand can be a results of a slowdown within the trucking sector that the trade refers to as “The Great Freight Recession.”
The trucking trade has been caught in a sustained downturn since mid-2022 partially because of the provide chain disaster skilled through the Covid-19 pandemic. Whereas the market isn’t persevering with to say no, it’s additionally not rebounding as shortly as hoped, Wex reported.
“We’re not in recessionary territory in the traditional sense because we’re not on the downswing,” American Trucking Affiliation economist Lindsay Bur instructed Wex. “However we haven’t seen the robust upswing or return to seasonality that folks had been anticipating.”
Tonka, which faced volatility in the Texas oil and gas sectors, will address legacy liabilities and non-dischargeable litigation claims dating back to its previous bankruptcy restructuring.
Tonka International’s products:
- Commercial trucks
- Trailers
- Boats
- Cranes
- Excavators
- Heavy equipment
The company has served companies across the U.S. and internationally since it established itself and specializes in helping companies sell their pre-owned trucks and heavy equipment without overhead, guesswork, or exposure that comes with auctions or online marketplaces, according to Tonka’s website.
The company manages every part of a sale transaction, including valuation, negotiation, secure wire transfers, and logistics. The company does not offer contracts or charge fees.
More bankruptcies:
- 64-year-old furniture store franchisee files Chapter 11 bankruptcy
- Golf legend’s iconic brand files for Chapter 11 bankruptcy
- Major health services provider files for Chapter 11 bankruptcy
Tonka connects businesses throughout North America that own trucks and equipment with businesses that need them. All funds pass through Tonka’s accounts, documents are reviewed and confirmed, and every transaction is back by the company’s accountability as a licensed wholesale dealer.
The company operates as a intermediary, buying machines and selling them as a direct transaction, from seller to buyer by coordinating the entire process.
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