CTS Drives Into Ch. 11 After Comerica Seizes Assets

Law360, New York (January 13, 2011, 1:14 PM EST) -- Cargo Transportation Services Inc. has filed for Chapter 11 bankruptcy in an effort to avoid dissolution following Comerica Bank's alleged seizure of the Florida trucking company's assets as a result of disputed defaults.

CTS sought protection from Comerica's actions in a petition filed Wednesday in the U.S. Bankruptcy Court for the Middle District of Florida by Edward J. Peterson III of Stichter Riedel Blain & Prosser PA.

In an emergency motion filed also Wednesday seeking the use of cash collateral and other relief, the Tamarac, Fla.-based...
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