Canadian companies

Bankrupt ENTREC courts buyers for subsidiaries

ENTREC's fleet includes semi-trucks for heavy haul transportation like the ones seen parked.

Bankrupt ENTREC has started looking for buyers for its heavy haul trucking and crane services subsidiaries – ENT Oilfield Group in Canada and ENTREC Cranes & Heavy Haul in the U.S.

The Alberta-based company is marketing the subsidiaries individually, according to investment teasers from Sequeira Partners and Ernst & Young. Bid deadlines for the subsidiaries are set for June 26, with final agreements anticipated by August 4.

ENTREC Cranes & Heavy Hauling, based in North Dakota, has 48 tractors,...

https://s29755.pcdn.co/news/bankrupt-entrec-courts-buyers-for-subsidiaries

Mullen begins rolling back layoffs; CEO sees recovery and resilient Q2

A tractor-trailer of Mullen-Group

With year-over-year revenue down more than 20% from COVID-19 but profits holding fairly steady, Murray Mullen, CEO of Mullen Group, said the Canadian trucking and logistics company has begun rehiring some laid-off workers and sees recovery coming.

Mullen said a combination of its own operational efficiencies and performance, as well as federal wage subsidies, will allow the company to finish the second quarter with a level of profitability similar to that of a year earlier.

“It certainly appears...

https://s29755.pcdn.co/news/mullen-begins-rolling-back-layoffs-ceo-sees-recovery-and-resilient-q2

Descartes acquires freight tech firm Kontainers

Graham Parker then-CEO of Kontainers, talks with Brian Aeoah, co-founder and General Partner of REFASHIOND

Transportation and logistics software provider Descartes Systems Group has acquired Kontainers, a provider of digital freight platforms that is based in the United Kingdom.

Canada-based Descartes announced the acquisition on Thursday, June 11. The deal has a maximum value of $12 million, with $6 million upfront and the remainder to be paid based on performance, Descartes said. 

“The last few months have shown how quickly the world can change, and the shift to digitization is accelerating as a...

https://www.freightwaves.com/news/descartes-acquires-freight-tech-firm-kontainers

OTTO Motors secures $29M to scale self-driving robot platform globally

An OTTO Motors self-driving robot

Clearpath Robotics’ OTTO Motors has closed on $29 million in Series C funding to place more of its self-driving robots into warehouses and manufacturing facilities across the world.

Ontario-based OTTO announced the new funding today, June 1. Investors include Kensington Private Equity Investors, BMO Capital Partners, Export Development Canada (EDC) iNovia Capital and RRE Ventures. 

OTTO produces three models of autonomous robots that operate on a proprietary platform for warehouses and...

https://s29755.pcdn.co/news/otto-motors-secures-29m-to-scale-self-driving-robot-platform-globally

U.S. judge approves ENTREC’s cross-border bankruptcy plans

An ENTREC tractor hauls an oversized load

A federal judge in Texas today signed off on ENTREC’s bankruptcy plans, allowing the Canadian heavy equipment hauler to continue operating while it courts buyers or investors under creditor protection.

The decision by U.S. Bankruptcy Judge Marvin Isgurf normally recognizes ENTREC’s Canadian creditor protection proceedings under Chapter 15 of the U.S. Bankruptcy Code. It also designates ENTREC’s Companies’ Creditors Arrangement Act (CCAA) proceedings as the primary venue for the cross-border...

https://www.freightwaves.com/news/u-s-judge-approves-entrecs-cross-border-bankruptcy-plans

Descartes reports jump in profits as it reveals cutbacks, restructuring

A tractor-trailer and screens of Descartes Systems Group screens.

Descartes Systems Group (NASDAQ:DSGX) reported a jump in profits during the first quarter on May 27, but the Canadian supply chain software provider said it will reduce its global workforce by 5% as it restructures to bring down costs.

Descartes generated $11 million in net income, or $0.13 per share, during the quarter, a 51% increase from a year ago. Revenue grew by 7% to $83.7 million.

But the Ontario-based company said it has begun restructuring in response to the economic uncertainty from...

https://www.freightwaves.com/news/descartes-reports-jump-in-profits-as-it-reveals-cutbacks-restructuring

Today’s Pickup: Purolator is doing much better than Canada Post

A Purloator driver making a less-than-truckload delivery

Good day,

Purolator, the courier and less-than-truckload subsidiary of Canada Post, had a decent first quarter – all things considered.

Revenue grew by 5.1% to C$457 million (about $331 million) year-over-year, while net profit dropped by 5.9% to C$8 million. Canada Post reported those numbers as part of its first-quarter financial report, which was released on March 25.

Purolator also performed much better than Canada Post as a whole. The government-owned postal carrier, which owns more than 90%...

https://s29755.pcdn.co/news/todays-pickup-purolator-is-doing-much-better-than-canada-post

ENTREC cleared to pursue asset sales as lenders extend financing

An ENTREC tractor hauls an oversized load.

Heavy-equipment hauler ENTREC received court approval to find buyers or investors under creditor protection as it remains operating in Canada and the U.S. with extended financing.

Canada-based ENTREC will have until Aug. 7 to either sell off assets or secure investors after Alberta Justice Barbara Romaine approved its plans under the Companies’ Creditors Arrangement Act (CCAA), a process similar to U.S. Chapter 11 bankruptcy. 

The company also secured interim financing of up to C$30 million...

https://s29755.pcdn.co/news/entrec-cleared-to-pursue-asset-sales-as-lenders-extend-financing

Heavy hauler ENTREC seeks breathing room to find buyers

An ENTREC truck transports an oversized piece of equipment

Heavy hauler ENTREC is seeking additional financing to continue operating as it pursues buyers or investors while under creditor protection in Canada and Chapter 15 bankruptcy in the United States.

ENTREC will ask a judge in Alberta today to allow it to borrow up to C$30 million (about US$21.5 million) and to approve its plans to market its Canadian and U.S. trucking and crane businesses, according to a court filing. The company intends to appoint Ernest and Young in Canada and Sequoia in the...

https://s29755.pcdn.co/news/heavy-hauler-entrec-seeks-breathing-room-to-find-buyers

Canadian carrier ‘plays to win’ with acquisition during pandemic slowdown

A tractor-trailer from Joseph Haulage Canada

Canadian carrier Joseph Haulage Canada has acquired Bergland Transport, a small cross-border trucking company serving the agriculture and food sectors.

The Ontario-based carriers closed the deal on Friday. The acquisition builds on Joseph’s diverse fleet of 350 trucks, which handle haulage and specialized bulk transport.

The deal marks one of the few acquisitions amid the slowdown in Canadian transport M&A activity during the COVID-19 pandemic.

“We have a motto: We should never let a crisis go to...

https://s29755.pcdn.co/news/canadian-carrier-plays-to-win-with-acquisition-during-pandemic-slowdown

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