Local & Regional
9:10 am
Sun January 10, 2010

Bankruptcy for Arrow

Tulsa, OK – Tulsa, Okla., truck firm files for bankruptcy

TULSA, Okla. (AP) A trucking firm that shut down three days before Christmas, stranding drivers around the country, has filed for bankruptcy liquidation.

The filing Friday by Arrow Trucking Co. followed by hours the filing of a suit by Alliance Bank Inc. of Ogden, Utah, that accused Arrow of fraud and racketeering.

The Utah bank's suit joins six others against Arrow, filed earlier, including one by Arrow employees seeking unpaid wages and benefits, another by a different trucking company and at least one by another bank.

In filing the petition, Arrow chairwoman Carol Pielsticker sole remaining director on the company's board said her son Douglas Pielsticker had resigned as president, CEO and a member of the board. Efforts to contact Doug Pielsticker since the company shut down have not been successful.

The bankruptcy petition listed the company's assets at between $100 million and $500 million and debts in the same range.

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Information from: Tulsa World, http://www.tulsaworld.com