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Pride Group - TPine
- Thread starter SCAM CHASER
- Start date
Was totally doable during covid with the right customers / commodity.
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Have to agree. We're not a big company but we were making enough off broker freight to buy a new highway tractor every two months. If there would've been any for sale.
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Bids for PGL are due this Friday, I've heard they got a few bids now. Prob some of the bigger giants like TFI
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Nope just Pride Group Logistics is up for the sale, not the truck sales or leasing just the logistics division.
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Makes sense, the leasing side of it what eventually put the nail in the coffin for Pride Group.
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had a whole bunch of PGL drivers apply with us, as well as I-way Drivers.
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not sure but had about 6 applications from guys from I-way. Had one guy tell me they are letting people go, and another had said they are closing. Can't verify, but fact is their drivers are applying elsewhere.
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Any update on the Tpine situation? was told they were shutting their doors on the 15th (rumor) but haven't heard anything about them over the weekend.
Pride Group has until June 30 at which date the court will need to review and determine if any more extensions are to be given. You can find all the documents on the Ernst and Young document center webpage in respect to the progress.
documentcentre.ey.com
Here you will find a report dated June 13, 2024 - the sixth report of the monitor. There is an awful lot to digest in all these reports and most of it is not very helpful unless you are owed lots of money.
You will also find reports in other folders where they talk about 3rd parties purchasing Pride Group Entities. This is to be completed by June 19 with a selection date of June 28.
I'm afraid we are not going to hear anything but rumours until the 2nd of July because the 30th of June is a Sunday and July 1 is a holiday.
Restructuring Document Centre 2.0
Here you will find a report dated June 13, 2024 - the sixth report of the monitor. There is an awful lot to digest in all these reports and most of it is not very helpful unless you are owed lots of money.
You will also find reports in other folders where they talk about 3rd parties purchasing Pride Group Entities. This is to be completed by June 19 with a selection date of June 28.
I'm afraid we are not going to hear anything but rumours until the 2nd of July because the 30th of June is a Sunday and July 1 is a holiday.
30
Pride Group has until June 30 at which date the court will need to review and determine if any more extensions are to be given. You can find all the documents on the Ernst and Young document center webpage in respect to the progress.
Restructuring Document Centre 2.0
Here you will find a report dated June 13, 2024 - the sixth report of the monitor. There is an awful lot to digest in all these reports and most of it is not very helpful unless you are owed lots of money.
You will also find reports in other folders where they talk about 3rd parties purchasing Pride Group Entities. This is to be completed by June 19 with a selection date of June 28.
I'm afraid we are not going to hear anything but rumours until the 2nd of July because the 30th of June is a Sunday and July 1 is a holiday.
Appreciate the update Jim, will have a read this afternoon.
I see them getting an extension, its in the best interest of the creditors. None of these guys (creditors) want to be sitting on used equipment with market prices the way they are. They'd rather gut them for any assets that will recover funds and then stretch it out as far as the courts will allow.
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I'm thinking the same, if they let Tpine operate business as usual it will be better for them in the long run. At this point the used equipment market will tank even harder if those remaining lease units hit the already overflowing used truck lots and auction blocks. We just sold a few units that we are replacing with new trucks and there was absolutely nothing left in the equipment, just paid off the remaining loan balance and sold them for pretty much what we owed. I couldn't imagine how much worse it would have been if there were 1000's of units the exact same for sale.
I'm not too sure. The issue is that they're still dealing with who owns the equipment, who is in the right line of succession, and who is to receive the money. If they cannot get the vehicle asset part figured out the rest will all fall with it. From the little bit of skimming that I have done with some of the documents there is not a lot of money available from the non-vehiclular values. The properties are highly leveraged, and the business goodwill portion is highly dependent on all of the entities working as one unit. If there was value in the business entities, they would have had that sold that to a willing buyer long ago.
All that is left is the vehicular asset values and the people in line that have interest in those values may not be willing to see if the sold off business entities will be able to pay them back.
