comcar

Mixed picture for TFI: Net income down, OR in key segments up

Canada’s TFI International posted a decline in most key financial metrics in the second quarter of this year, though its truckload (TL) and less-than-truckload (LTL) divisions posted gains in their operating ratio.

Overall, the company’s net income of C$69.7 million (US$52.27 million) was down from C$100.2 million in the second quarter of 2020. Total revenue during that period dropped to C$1.1 billion from $1.33 billion, and operating income for the company as a whole declined to C$131.5 million...

https://s29755.pcdn.co/news/mixed-picture-for-tfi-net-income-down-or-in-key-segments-up

The Daily Dash: Getting to an electric future; Mack layoffs; and kidnapping

Electric truck powertrains

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, experts discuss what trucking will look like for the foreseeable future as it transitions to electric power. Plus, Mack Trucks lays off 450, Comcar’s prepackaged bankruptcy hits a snag and a trucker allegedly kidnaps his wife, leading police on a wild chase.

If the future is electric, what about the now?

Most experts believe electric will be the power of the future, but what about now? And the time...

https://s29755.pcdn.co/news/the-daily-dash-getting-to-an-electric-future-mack-layoffs-and-kidnapping

Comcar bankruptcy sale hits snag on trailer title dispute

CCC Transportation truck on road

Even as other units of bankrupt Comcar Industries Inc. have been sold off, the fight over the sale of assets to a group headed by the company’s former chairman continued to drag on in a round of court filings last week.

In a Thursday court filing, Commercial Warehousing Inc., a subsidiary of CWI Logistics (CWI), and former Comcar chairman Mark Bostick sought to clarify their offer for CWI’s proposed purchase of two of Comcar’s business units — bulk carrier CCC Transportation and CTTS Repair.

In...

https://s29755.pcdn.co/news/comcar-bankruptcy-sale-hits-snag-on-trailer-title-dispute

TFI scoops up flatbed carrier CT Transportation from bankrupt Comcar

A tractor-trailer of CT Transportation hauls a flatbed load. TFI International acquired nearly all of CT assets from Comcar.

TFI International (NYSE:TFII) formally announced that it has acquired nearly all of the assets of U.S. flatbed trucking company CT Transportation from bankruptcy Comcar industries. 

Canada-based TFI announced the acquisition late Monday, June 29. It came hours after announcing its asset acquisition of Comcar’s MCT Transportation.

TFI paid $15 million for CT after a frenzied auction during Comcar’s Chapter 11 bankruptcy proceedings in June. 

TFI made the acquisition through a U.S. subsidiary, Bulk...

https://www.freightwaves.com/news/tfi-scoops-up-flatbed-carrier-ct-transportation-from-bankrupt-comcar

TFI acquires most of MCT’s assets from Comcar

A tractor-trailer of MCT Transportation. TFI has acquired most of MCT's assets.

TFI International has acquired most of the assets of MCT Transportation from bankrupt Comcar Industries for $12.8 million.

TFI announced the acquisition on Monday. The addition of MCT will enhance the Canadian transportation and logistics company’s truckload footprint in the Midwest and  Southeast regions of the United States. 

TFI’s acquisition came after Comcar received court approval to sell MCT to White Willow Holdings for $2.2 million.

The deal also follows TFI’s successful bid for another...

https://s29755.pcdn.co/news/tfi-acquires-most-of-mct-assets-from-comcar

TFI subsidiary Bulk wins bidding for flatbed hauler CT Transportation

The bidding frenzy at the end of last week for the sale of flatbed hauler CT Transportation by Comcar ended up with Bulk Transport Company East winning the battle.

Bulk, a TFI subsidiary, put in a late bid on June 18 for $15 million. Documents filed with the federal Bankruptcy Court in Delaware early on June 23 show that the bid turned out to be the winner, knocking out PS Logistics. PS Logistics had been announced as the buyer of CT Transportation when Comcar first announced it had filed for...

https://s29755.pcdn.co/news/tfi-subsidiary-bulk-wins-bidding-for-flatbed-hauler-ct-transportation

Agreed-upon sale of Comcar assets is hitting resistance on several fronts

Sales of at least two Comcar units in the company’s bankruptcy action ran into strong headwinds this past week in a Delaware bankruptcy court. 

The latest opposition to Comcar’s previously-announced plans to sell off its various operating units came between Thursday and Friday, when the proposal to sell flatbed hauler CT Transportation to PS Logistics for less than $10 million broke out into a full-scale bidding war.

The second point of resistance over the week came with the creditors’ committee...

https://s29755.pcdn.co/news/agreed-upon-sale-of-comcar-assets-is-hitting-resistance-on-several-fronts

All clear on Comcar selling MCT; sale price about $2.25 million

The dismantling of Comcar following its filing for Chapter 11 bankruptcy protection last month got a boost this week with court approval to sell refrigerated carrier MCT to White Willow Holdings. 

According to bankruptcy documents from the court in Delaware, the sale price of MCT will be $2,254,500. A closing date was not specified in the court document.

The sale of South Dakota-based MCT needed bankruptcy court approval to ensure there were no higher offers than that put forth by White Willow, a...

https://s29755.pcdn.co/news/all-clear-on-comcar-selling-mct-sale-price-about-2-25-million

Comcar and Uber hit where it Hertz (with video)

On today’s episode, Dooner and The Dude talk about Comcar filing for Chapter 11 bankruptcy. Are more carriers in trouble? Why Hertz bankruptcy will make the auto industry’s troubles go from bad to worse. Also, Uber cuts 1000s of jobs and shuts down self-driving truck program.

They’re joined by special guests –  Michael Leto, CEO at Emerge; Laurance Alarado, CEO and co-founder at WARECAP; John Kingston, editor-at-large, FreightWaves.

Plus, a SONAR powered breakdown of the freight market as we dive...

https://www.freightwaves.com/news/comcar-and-uber-hit-where-it-hertz-with-video