Johal brothers secure financing to continue operating Pride Group Logistics

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Pride Group founders Sam and Jas Johal have secured financing to continue operating Pride Group Logistics, the trucking operations of Pride Group Entities, which has been under Companies’ Creditors Arrangement […]

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I refuse to give these guys anything.

"saving" jobs for them just to run the company into the ground again. I would love to see the terms on that loan they got.

Can't imagine its low interest
 
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Its amazing that everyone sees the company was not run right before! But lets give them more money to stay afloat. Well at least it will keep this forum busy reading and talking about them for a few more years. Would not use them at all.
 
One has to wonder what collateral was pledged to secure a loan of such magnitude? Personal real estate perhaps? Or how about the 100s of trucks that already have liens against them with other, multiple lenders? I have no prior knowledge of Maynebridge Capital, but the fact that they have only been around for 10 years speaks volumes about who got the better end of this transaction. Say what you will about the Johals, but being stupid negotiators shouldn’t one of them.
 
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Don’t hate the player, they’re just working the system as it was built. We might see it differently, but big corporations have been pulling shit like this for decades. Pretty resilient bunch I'll give them that.
 
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LrgCar said:
Don’t hate the player, they’re just working the system as it was built. We might see it differently, but big corporations have been pulling shit like this for decades. Pretty resilient bunch I'll give them that.
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I understand what you're saying, but it still shouldn't sit well with anyone. It was wrong before and its wrong now.
 
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MARTYI said:
I understand what you're saying, but it still shouldn't sit well with anyone. It was wrong before and its wrong now.
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Let me rephrase—I’m not saying it’s okay, just that I’m not surprised they pulled it off. It’s a slap in the face to every hardworking and honest Canadian that they can screw so many people and still keep going.
 
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LrgCar said:
Let me rephrase—I’m not saying it’s okay, just that I’m not surprised they pulled it off. It’s a slap in the face to every hardworking and honest Canadian that they can screw so many people and still keep going.
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I agree
 
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