cross-border bankruptcies

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

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

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