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

Air Canada raises $750 billion to boost liquidity

Big white Air Canada jet on runway.

Air Canada (TSX:AC) late Tuesday announced it is raising more than $750  million in working capital through the sale of CA$500 million ($357.5 million) of stock and a private placement of $400 million in bonds.

The development came the same day as the International Air Transport Association warned that airlines could eventually fail because of debt loads they are taking on to support operations. The coronavirus pandemic has caused drastic declines in airline earnings and cash as people stay home...

https://s29755.pcdn.co/news/air-canada-raises-$750-billion-to-boost-liquidity

Expeditors International expands digital offering in Fleet Logistics deal

unidentified LTL

Expeditors International (NASDAQ: EXPD) announced that it is purchasing the digital platform of Fleet Logistics.

The Seattle-based international freight forwarder said the acquisition will support its less-than-truckload (LTL) shipping platform, Koho.

Transaction terms were not disclosed.

“As we have said, we will continue to invest in technology and people. This acquisition extends the services within our Digital Solutions division and evidences our commitment to making investments in our...

https://s29755.pcdn.co/news/expeditors-international-expands-digital-offering-in-fleet-logistics-deal

Mounting debt to shackle airlines’ pandemic recovery, group says

A white passenger jet, closeup view on the tarmac.

The leading airline industry group is warning that mounting debt incurred by members to stay in business during the coronavirus crisis could eventually endanger their survival when the bills come due.

Airlines are scrambling to borrow money from commercial banks and investors, sell securities, and tap government aid in a desperate attempt to build a cash cushion that will let them weather a long drought in revenue while passenger traffic slowly rebuilds from pandemic lows.

Deutsche Lufthansa AG,...

https://s29755.pcdn.co/news/mounting-debt-to-shackle-airlines-pandemic-recovery-group-says

Forty containers fall off APL England

Face masks are among the medical supplies washing up on Australian shores following the overboard loss of about 40 containers from the APL England.

The Australian Maritime Safety Authority (AMSA) said the APL England experienced a loss of propulsion amid heavy seas shortly after 6 a.m. Sunday about 73 kilometers (45 miles) southeast of Sydney. The ship was en route from Ningbo, China, to Melbourne, Australia. 

The APL England was en route from China to Melbourne, Australia, when it lost...

https://s29755.pcdn.co/news/forty-containers-fall-off-apl-england

Pronto AI faces uphill road to HOS relief

Heavy-hitters representing the business, safety and insurance sectors of the trucking industry are opposing Pronto AI’s request for exemption from hours-of-service (HOS) rules that the startup contends are needed to help demonstrate the safety and economic benefits of its autonomous technology.

Pronto AI’s petition, filed with federal regulators in April, seeks to allow drivers in trucks deploying the company’s technology to drive up to 13 hours within 15 hours from the beginning of their work...

https://www.freightwaves.com/news/pronto-ai-faces-uphill-road-to-hos-relief

Canada turns to maritime to help move 1.6 billion pieces of PPE

A photo of a surgical mask and gloves

When the Canadian government started importing personal protective equipment (PPE) and other medical supplies from China for COVID-19, it leaned on air cargo flights — 42 to be exact. But with 1.6 billion pieces still on order, the feds need ships.

“We now intend to resort to maritime considering the volume of PPE that could be shipped,”  Anita Anand, the federal minister of public services and procurement, said during a news conference Tuesday. 

The federal government’s outstanding orders...

https://s29755.pcdn.co/news/canada-turns-to-maritime-to-help-move-1-6-billion-pieces-of-ppe

Senators introduce bill on financing loans for rail infrastructure projects

A photograph of a train passing by an old wooden barn in the middle of a field.

Two U.S. senators last week introduced bipartisan legislation aimed at helping short line railroads and passenger railroads finance capital investment projects.

Republican Senator John Thune (South Dakota) and Democrat Senator Maggie Hassan (New Hampshire) introduced the Railroad Rehabilitation and Financing Innovation Act, which aims to bolster the existing railroad rehabilitation and improvement financing (RRIF) loan program.

The bill seeks to improve the existing program through three...

https://s29755.pcdn.co/news/senators-introduce-bill-on-financing-loans-for-rail-infrastructure-projects