Pride Group - TPine
- Thread starter SCAM CHASER
- Start date
It's been very quiet about them lately. There must be some feverish negations going on behind the scenes.
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Seems like there will be a case conference on August 7th which will include the motion from TD equipment... Looks like this will also be heard the same time as a PGL sales approval motion ( if that proceeds )
The courts endorsed a plea from TD and other parties yesterday (July 15, 2024) for a court date prior to the extension date. TD, who has an interest in 436 trailers, requested that the court hears their motions about the security of the assets. These trailers and other equipment from other lenders (Daimler, BMO, FINLOC) are being used in day to day business of PGL and not sitting idle. This could materially depreciate the value of the equipment while the lenders are not receiving payment for those items during the CCAA process.
At this time the motions are not disclosed but the motions will be heard on Aug 7, 2024. If TD and other lenders are successful in compelling the court to allow the lenders access to the equipment it will be game over for PGL. On the other hand, the monitor will motion to allow the process to continue as there may be more value at the end of the extension if they can complete a sale of the whole part.
The court will have to decide whose motions are more compelling.
At this time the motions are not disclosed but the motions will be heard on Aug 7, 2024. If TD and other lenders are successful in compelling the court to allow the lenders access to the equipment it will be game over for PGL. On the other hand, the monitor will motion to allow the process to continue as there may be more value at the end of the extension if they can complete a sale of the whole part.
The court will have to decide whose motions are more compelling.
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Normally, when a company is in receivership, the debtor still has to continue paying any suppliers who still provide services (including equipment) on or after the date of receivership. Likewise suppliers cannot withdraw services but can demand payment up front for current transactions.
Under CCAA usually finance/lease companies will only get a percentage of the expected payments - sometimes 50 percent or 75 percent. They will not get the whole amount. I don't have time to read the notes of the monitor, but I'd bet that TD is not getting enough of the funds or they wouldn't go through the process of requesting a hearing. If they were getting their full payments as expected, they would hope that the process continues to perpetuity.
Just what was said in the conversation above regarding Aug 7th. I don't think they will survive till Sept 30th
Oh ok. We’ll have to wait and see. There seems to be a lot going on in the background that the public are not aware of.
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Nor should they be. This is a privately owned company and only has to release the information that is required by bankruptcy regulations and the monitor in charge. All the sordid details will come out soon enough.
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Seems like liquidation is imminent
I am really confused as to who the mystery buyer of PGL could be. I've said from the beginning I'm not sure who would want it with all its debt.
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@SCAM CHASER do you think there are any concerns in a 3PL Broker paying T-Pine Financial Services for their hired carrier's factored receivables? Would you see any reason for future recourse on the 3PL Broker if T-Pine is unable to survive?
I cannot see any risk here at all, but thought I would ask a professional.
I cannot see any risk here at all, but thought I would ask a professional.
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