Now bankrupt Canadian trucking company owed millions to U.S. lender (with video)
Story by:@ FreightWaves
Canadian trucking company FTI owed more than C$18 million to creditors when it filed for bankruptcy in September, according to court filings that offer a glimpse into one of the few known Canadian trucking failures in 2019.
FTI Holdings, which closed in August alongside its U.S. sibling HVH, owed C$16 million of the C$18.2 million (a Canadian dollar equals US$0.76) to U.S. Bank in bankruptcy documents filed in Ontario on October 9.
FTI’s former owner, HCI Equity Partners, is seeking C$1.1 million. HCI purchased FTI in 2014 and merged it with HVH.
Filings by FTI and two of its companies reveal an expansive list of unpaid bills. They include more than C$271,000 to the Canadian government connected with taxes, C$56,000 in tolls for Ontario’s Highway 407 Electronic Toll Route, C$20,000 to the Detroit International Bridge Authority, and numerous bills for maintenance, trailers and other services.
FTI has been something of an outlier in Canada, which has seen few trucking closures in 2019 unlike the in U.S. TFI International closed its Highland Transport division in May. According to Tabak’s article @ freightwaves.com
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Source and credits: freightwaves.com // iTrucker / Mario Pawlowski