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Central Transport | Vitran sells Supply Chain Operation to stay afloat...

this could be a warning sign or it could be a sign that someone wants to try and salvage the trucking business that vitran was founded on, if you have your hands in to many pots something will get burned.
 
rg told us when he was in tol that the supply chain was the cash cow that it was supporting the us so why would u sell the golden goose?
 
this is canada who sold this, not keylon and his stooges. they presently have two loans out. before this transaction were just reading about, canada stopped giving money to the u.s. ltl. i really don't think they're going to hand over more to a group that is losing money at a rate of $5 mil a month. the loans vitran have are excessive, if they decide to pay them off there's really not much left...if any.
 
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$97 mil pays off outstanding debts, increases credit limit to around $30 mil and keeps you afloat for roughly 10 months. This can be looked at 2 ways, corporate ******* or a plan to reduce waste (west coast) and truly turn it around. The clock is now ticking .....
 
This follows the suggestion that CLARKE made several months ago, now lets see if they cut some dead weight(west coast) and focus on productive territory.
 
gearsticker said:
rg told us when he was in tol that the supply chain was the cash cow that it was supporting the us so why would u sell the golden goose?
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well, if you need to raise funds, you need to sell something with value.

maybe they should put half down on our loans, other half update equipment?
 
ltlguy2013 said:
Last effort I heard...Had to get some cash some how.
Closing the deal in two weeks? By end of first QTR....Shocker

http://finance.yahoo.com/news/vitra...-ltl-222008705.html?desktop_view_default=true
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What was only three years ago Rick Gaetz's "shining city on the hill" is now sold in a "dark room deal". Vitran Logistics was making a profit of between 2 and 3 million dollars per year with an OR below 90 year after year. This has got to be devastating for RG and shows how desperate this company is getting for cash flow.
 
Dumb move said:
A driver told him ......
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Exactly my thoughts. I know rumors can sometimes be true or nearly true, but there is a lot of BS too.

Even if the pay freeze ends we are not going to immediately jump to pay we should be at. A driver who has been here five years without a raise will not overnight get a five dollar an hour or 15 cents a mile raise. The scheduled increases will also probably be conditioned on the company being profitable for that month, quarter or year.

Meanwhile safetly record and benefits will still be below industry standard.
 
Talk about putting all your eggs in one basket....This CEO sure has faith in Chris....He must be doing something right. Many don't think this company can find its way. I believe they can. The difficult things we do immediately; the impossible takes a little longer.
 
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