International Trucking INC

P

Pinktruck4

Member
Mar 11, 2024
37
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18
Hamilton
5
Good day folks!

Has anyone heard any rumblings about International trucking out of Baden?
I had a cheque bounce (typically paid EFT, first time they sent a cheque and it took 3 months) went through no issues after. A friend of mine in the business did a couple of loads and has been chasing payment for months now as well. They sent a cheque last week and it bounced today and no one is answering the phone now. My accounting team also had a hard time getting a hold of them for payment which I was shocked to find out because I thought they were pretty safe to deal with. They owe my friend a lot more money than me but curious if anyone is also experiencing issues with them?
 
Pinktruck4 said:
Good day folks!

Has anyone heard any rumblings about International trucking out of Baden?
I had a cheque bounce (typically paid EFT, first time they sent a cheque and it took 3 months) went through no issues after. A friend of mine in the business did a couple of loads and has been chasing payment for months now as well. They sent a cheque last week and it bounced today and no one is answering the phone now. My accounting team also had a hard time getting a hold of them for payment which I was shocked to find out because I thought they were pretty safe to deal with. They owe my friend a lot more money than me but curious if anyone is also experiencing issues with them?
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No dealing but they have been posting as i have seen one in last couple days. Good Luck getting your money.
 
They were pushing on 90 days with us on a 1300.00 invoice - ended up having someone drive over and pickup a bank draft last week. We've put them on our DNU. Have done a lot of business with them in the past with no issues, but the recent payment trends mean that needs to change.
 
Reading this and the other court filings, sure makes you scratch your head. In each case, you have a company that is so mismanaged it is bleeding cash in every way possible, yet the banks continue to feed this insanity. It appears that they simply wait for their monthly payments to stop coming in before they get even the slightest bit interested in what the hell is going on. OK, I supposed they could be temporarily fooled by some overstated receivables, but come on, aren’t they supposed to be the experts in proper money management, especially when it’s their money being squandered? In spite of this laxidasical attititude and cavalier approach to lending, all of our major banks continue to make record profits. It’s a strange world we live in.
 
loaders said:
It’s a strange world we live in.
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That's for sure. After reading this it appears to me that the company was buried under the weight of the property. $5.3Million at prime(4.5%) plus 5% is a hefty interest portion of a monthly bill. That'd be close to 50k per month plus taxes, maintenance and others. It's an amazing 8 acre property but maybe too large for them to handle especially when rates dive, availability of trucks are plentiful, costs increases and the value of your property drops. Then you have the devilish details that most do not really understand, "its just the fine print". I see the there was a fixed charge coverage of no less than 1.15:1 and a liability/net worth of no higher than 3:1. It doesn't take much of a drop in income to ruin the FCC ratio. Finance a couple of new trucks takes a wack at the FCC and your L/NW is offside too. I would bet that they only met those ratios due to the numbers on the books from 2022 when rates were spectacular - not the 3 or 5 year average.

It sounds like they had a couple finance options look at it but probably could not make the operational numbers work to be able to pull the trigger. When that happens, one has to decide if you pay the operational aspects or the land obligations - tough decisions.
I see the property is now listed at the asking price of 5.5Mil.
 
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