@followmecanadausa: One of Canada’s biggest trucking carriers has filed for bankruptcy protection after lender Mitsubishi HC Capital America filed a lawsuit seeking $100 million. Pride Group filed Thursday for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada, which gives the company a stay of proceedings for at least 10 days. “We have taken these steps to commence the CCAA proceedings and to seek recognition under the Chapter 15 cases so that we can maintain our current operations, stabilize our business, establish governance controls and monitoring, and develop a plan to restructure for the benefit of our stakeholders. We believe this is in the best interests of all of our employees, customers, business partners and other stakeholders,” the company said in a news release. The bankruptcy protection filing came after Mitsubishi HC Capital filed lawsuits accusing the Pride Group’s Sulakhan “Sam” Johal, president and CEO, and Jasvir Johal, vice-president, of defaulting on payments they had personally guaranteed, according to TruckNews. #bankruptcy #bankrupt #faillite #logistique #transportroutier #truckinglife #pourtoi #fypシ #punjabi

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Monday 01 April 2024 17:04:31 GMT