Cannon Express to file bankruptcy

Cannon Express has informed the Securities and Exchange Commission that it will file for bankruptcy protection as soon as possible. Trading on the truckload company’s shares has been halted since Oct. 14 when it was unable to meet Amex’s listing criteria. Cannon started voluntary delisting procedures in November. The firm had attempted a turnaround and hired CEOex Inc. of Knoxville, Tenn., a transportation management company, as adviser. One of the consultant’s first recommendations was to shed founder Dean Cannon as president and CEO and have Cannon’s managers take over. Cannon agreed, and resigned in August.

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