U.S. truck service firm says it’s on the verge of a $300 million bankruptcy

IRELAND — IRELAND-based Ford is preparing to go public after a $1.5 billion bankruptcy filing, but will not be the first U.K.-based trucking company to file for insolvency.

The company, based in Wales, Wales, said on Tuesday it is on the brink of a bankruptcy filing after reporting a net loss of $1 billion for the second quarter of 2016.

Ford said in the filing that the company was forced to restructure its loan portfolio to meet regulatory requirements and is in discussions with creditors to restructuring its debt.

Ford said the restructuring plan includes a restructuring of its loan-to-value ratio, which is used to calculate the value of the company’s assets and liabilities.