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Thread: Vitran Announces Completion of Sale of U.S. LTL Business

  1. #1
    xanl/h is offline Senior Member
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    Vitran Announces Completion of Sale of U.S. LTL Business

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  3. #2
    baking in the south is offline Junior Member
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    TORONTO, Oct. 7, 2013 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. ("Vitran" or the "Company") (VTNC) (VTN.TO) announced today that it has completed the previously announced sale of its U.S. LTL business to a company owned by industry veteran Matthew Moroun. Mr. Moroun is associated with a number of transportation companies whose interests include LTL, TL, Flatbed, Third Party Logistics and Warehousing.
    Under the sale transaction, the purchaser acquired 100% of the common stock of the wholly-owned U.S. subsidiary which operates Vitran's U.S. LTL business.
    In order to complete the transaction, Vitran capitalized the U.S. LTL business with the net amount of USD $3 million, after deducting the USD $2 million purchase price received by Vitran from the purchaser. In addition, the purchaser funded a cash deficit of approximately USD $1.4 million in the U.S. LTL business between September 23, 2013 and closing.
    Vitran amended its senior revolving credit agreement to reduce the borrowing capacity to USD $26.3 million, which is the amount of the letters of credit currently outstanding for the U.S. LTL business. As part of the sale transaction, the obligations under the letters of credit remain guaranteed by the Company's Canadian LTL business. However, the purchaser will reduce such letters of credit to zero within the next 90 days.
    William S. Deluce, Vitran's Interim President and Chief Executive Officer stated, "We believe the sale of our U.S. LTL business gives our employees and customers the best chance to prosper while also preserving value for all of Vitran's stakeholders. With the completion of this transaction, Vitran is now able to focus all of its attention and resources on its Canadian LTL business."
    "Vitran's board of directors, in accordance with the exercise of its fiduciary obligations, and with the assistance of its financial and legal advisors, will continue to pursue a course of action that it believes is in the best interest of Vitran and its stakeholders," also stated Mr. Deluce.
    Stephens Inc. acted as exclusive financial advisor, and McMillan LLP acted as legal counsel, to Vitran in connection with this transaction.

  4. #3
    had enough's Avatar
    had enough is offline Senior Member
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    the beginning of the end. get ready for a cut, whether it be unemployment or wage adjustment.
    undead likes this.

  5. #4
    had enough's Avatar
    had enough is offline Senior Member
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    manny makes a mint off vitran ruins My PRECIOUS!!!! - YouTube

  6. #5
    $outh$side $tre$$'s Avatar
    $outh$side $tre$$ is offline Senior Member
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    So is there any word on whats next?

  7. #6
    fudgie is offline Senior Member
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    Quote Originally Posted by $outh$side $tre$$ View Post
    So is there any word on whats next?
    wish there was, but think we will be kept in the dark for a while longer.

  8. #7
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    themizzan is offline Just Creepin
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    Just got news Chris Keylon was fired this morning! Go "Chase greatness" elsewhere! Leave us to our slow demise.
    Last edited by themizzan; 10-09-2013 at 01:42 PM. Reason: didnt finish

  9. #8
    CenturyClass is offline Miss my M4, 203 and M40A5
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    Quote Originally Posted by themizzan View Post
    Just got news Chris Keylon was fired this morning! Go "Chase greatness" elsewhere! Leave us to our slow demise.
    What does it matter? Mr Keylon is laughing all the way to the bank. Im sure his severance package is more than what an entire barn will make in their lifetimes..Only the poor drivers will suffer who either have to get fired, take a pay cut or start over elsewhere..Getting fired as a CEO means nothing. Unlike a driver getting a few csa points or a ticket and getting blacklisted if he tries to find another job..The rich will conttinue to be masters of us..because we let them.
    had enough and luci like this.

  10. #9
    themizzan's Avatar
    themizzan is offline Just Creepin
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    Unhappy

    Quote Originally Posted by CenturyClass View Post
    What does it matter? Mr Keylon is laughing all the way to the bank. Im sure his severance package is more than what an entire barn will make in their lifetimes..Only the poor drivers will suffer who either have to get fired, take a pay cut or start over elsewhere..Getting fired as a CEO means nothing. Unlike a driver getting a few csa points or a ticket and getting blacklisted if he tries to find another job..The rich will conttinue to be masters of us..because we let them.
    It matters to me! I will admit a change in leadership (if we stay open) hasn't been anything to look forward to. I've been there since Pjax was owned by the old man. Just look what Keylon and before him Gates tried to accomplish, ABSOLUTELY nothing! I don't give a dam how much he makes or what his severance package is. I need my job and I hope this new guy keeps it together and finds better leadership but I'm not holding my breath. Its not only the cry baby drivers that will suffer what about the dockworkers, OS&D, billers and linehall? The rich are the ones who open businesses and hire us laymen. Unless you work for yourself you are making someone else rich and only then will you become your own "master"! I like every Vitran employee would just like to know what the future holds for us. I think its real crap that we are kept in the dark as if it doesn't effect us!

  11. #10
    CenturyClass is offline Miss my M4, 203 and M40A5
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    Quote Originally Posted by themizzan View Post
    It matters to me! I will admit a change in leadership (if we stay open) hasn't been anything to look forward to. I've been there since Pjax was owned by the old man. Just look what Keylon and before him Gates tried to accomplish, ABSOLUTELY nothing! I don't give a dam how much he makes or what his severance package is. I need my job and I hope this new guy keeps it together and finds better leadership but I'm not holding my breath. Its not only the cry baby drivers that will suffer what about the dockworkers, OS&D, billers and linehall? The rich are the ones who open businesses and hire us laymen. Unless you work for yourself you are making someone else rich and only then will you become your own "master"! I like every Vitran employee would just like to know what the future holds for us. I think its real crap that we are kept in the dark as if it doesn't effect us!
    understandable


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