Debt, losses sink Canadian carrier featured on ‘Ice Road Truckers’
Story by:@ FreightWaves
Tli Cho Landtran Transport and affiliates will be closed and possibly sold after losing C$18 million in the past year and facing mounting debt reaching C$60 million.
Tli Cho Landtran Transport, a trucking company once featured on the TV series “Ice Road Truckers,” is shutting down along with several affiliates that hauled freight in some of Canada’s most treacherous freight lanes but faced a staggering load of debt and mounting losses in the millions.
Tli Cho Landtran, Ventures West Transport and two affiliates incurred C$18 million in losses in the fiscal year ending in March, their owner, Tlicho Investment Corp, said in a Nov. 27 court filing in Alberta seeking creditor protection. By the end of October, their debt reached C$60 million with assets worth about C$40 million.
A hearing tomorrow, Dec. 6, will decide whether Tlicho Investment — owned by the indigenous government of the Tlicho First Nation — can extend creditor protection and proceed with a plan to sell off their assets. Most of the companies’ 40 employees will likely lose their jobs. The carriers also had about 40 owner-operators.
The fatal blow came from the loss of their single largest customer, a diamond mine in the Northwest Territories, which accounted for 27% of revenue, according to court filings.
Story continues HERE @ freightwaves.com
Source and credits: freightwaves.com // iTrucker / Mario Pawlowski