Economic challenges across the country continue to impact businesses, with another Illinois company now filing for bankruptcy. Team Champions, Inc., a transportation company headquartered in Illinois, filed for bankruptcy on Friday. Their petition is currently under review by the Illinois Northern Bankruptcy Court.
Highlights
- Team Champions, Inc., filed for bankruptcy on Friday, August 8, 2025.
- The company filed a petition for Chapter 11 protection at the Illinois Northern – Chicago Bankruptcy Court.
- The company filed for Chapter 11 to restructure its operations and improve its financial health.
Team Champions, Inc., Filed for Chapter 11 Bankruptcy
According to PacerMonitor, an Illinois-based transportation company has filed for bankruptcy. Team Champions, Inc., filed the Chapter 11 bankruptcy petition on Friday, August 8, 2025. The petition was filed in the U.S. Bankruptcy Court for the Northern District of Illinois, detailing the company’s assets and liabilities.
The filing lists the company’s assets and liabilities as each ranging between $1 million and $10 million. Although these figures are close, the company faces cash flow challenges.
The near parity of assets and liabilities highlights ongoing cash flow issues that complicate debt repayment. Chapter 11 bankruptcy allows the company to receive court protection while it reorganizes its finances. If approved, the company will gain protection from creditors and time to restructure its operations.
Chapter 11 protection can also help the company secure debtor-in-possession (DIP) financing during the bankruptcy process. Meanwhile, the company can continue operations without a full shutdown.
Company to Maintain Operations During Bankruptcy Review
The company has sufficient assets to maintain daily operations. Chapter 11 protection allows it to manage funds to stay afloat. The petition was recently filed and is still awaiting court approval.
The company cannot access bankruptcy protections until the court approves the petition. Many companies use Chapter 11 as a strategic tool to reorganize, gain time to improve finances, and resume normal operations.
