Fluid Truck sold for $10 million after bankruptcy filing

Fluid Truck has been sold to Kingbee Rentals for $10 million after filing for Chapter 11 bankruptcy. The sale allows Kingbee to acquire Fluid's technology and over 100 employees. Kingbee was the only bidder for the company. As part of the settlement, Fluid will pay vehicle owners $1.2 million from the sale and $1.8 million from insurance claims. Kingbee will also assist these owners in retrieving their vehicles, addressing concerns about their assets. Fluid Truck, founded in 2016, expanded rapidly during the pandemic but faced financial difficulties due to overexpansion and decreased demand. The company raised $80 million from investors but reported significant losses in recent years.