STG Logistics, an intermodal logistics services provider, has filed for Chapter 11 bankruptcy in a New Jersey court. The filing aims to restructure the company and reduce its debt by approximately $952 million.
The company entered into a restructuring support agreement with its lenders, which eliminates about 91 percent of its debt. It also provides $150 million in new debtor-in-possession financing. STG plans to use this capital to support core business operations during the bankruptcy process and expects to exit within five months.
On its website, STG stated that a Chapter 11 filing does not mean the company is going out of business or liquidating assets. However, a debt-for-equity swap will result in new owners, including private equity firms Antares Capital, Fortress Investment Group, and Invesco, who will trade debt claims for stakes after bankruptcy.
Geoff Anderman, CEO of STG Logistics, posted on LinkedIn that it is "business as usual" across the company. He said the restructuring will not impact service levels for customers, vendors, and partners. All facilities remain open and operational, with day-to-day roles, responsibilities, and wages unchanged. The company continues to book, schedule, and fulfill shipments, with agreements with freight partners and truck drivers intact.
In a separate statement, Anderman noted the decision strengthens the company amid "one of the most severe freight recessions in history." He expressed confidence that leveraging Chapter 11 will position the business for long-term growth and success, thanking the team, customers, vendors, and partners for their support.
The company has filed "first day" motions with the court to continue paying employee wages and benefits, maintain customer programs, and fulfill vendor payments. In its filing, STG listed assets and liabilities between $1 billion and $10 billion, with between 10,001 and 25,000 creditors. The largest creditors are from the railroad industry, including Union Pacific owed $13.4 million, and CSX's intermodal business and Kansas City Southern de Mexico each owed about $1.4 million.
The bankruptcy filing temporarily halts a lawsuit from minority lenders Axos Financial and Siemens Financial Services, which was enabled to move forward by a New York judge just a week prior. The suit concerns STG's previous debt restructuring in October 2024, a $300 million debt-for-equity deal that Axos and Siemens allege was a "bad-faith scheme" shifting collateral to new lenders.
Based in Dublin, Ohio, STG owns about 15,000 domestic containers, the fourth most in the U.S. It operates a joint door-to-door domestic intermodal service with CSX called RailPlus, covering nearly 350 lanes nationwide. The company also has a contract logistics business with 32 warehouses and access to 66 partner facilities in North America, offering transloading for international shippers.
Leveraging a fleet of 3,000 tractors, STG runs agency-based ocean drayage operations in U.S. ports and inland rail ramps, along with a less-than-truckload unit. It operates an over-the-road long-haul trucking segment, partnering with over 25,000 carriers to service major North American markets via LTL, full truckload, and final mile capabilities.