Pride Group Bankruptcy

Discussion in 'Other News' started by mjd4277, Apr 1, 2024.

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  1. Apr 1, 2024 #1
    mjd4277

    mjd4277 Road Train Member

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    mjd4277, Apr 1, 2024
    mjd4277, Apr 1, 2024
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  3. Apr 2, 2024 #2
    Peplow

    Peplow Light Load Member

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    Peplow, Apr 2, 2024
    Peplow, Apr 2, 2024
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  4. Apr 2, 2024 #3
    mjd4277

    mjd4277 Road Train Member

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    How much does Transforce has in assets and how much do they have in debt? Prime Group is being sued because they’re defaulting on their obligations to their creditors-they owe a little over half a BILLION DOLLARS across more than 20 creditors!
    ($637 million to be more precise)

    That’s a heavy debt load-and that can kill a business!!
    Sounds like they did a classic case of over expansion!
     
    Last edited: Apr 2, 2024
    mjd4277, Apr 2, 2024
    mjd4277, Apr 2, 2024
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  5. Apr 2, 2024 #4
    Peplow

    Peplow Light Load Member

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    They did it to themselves.


    Pete
     
    Peplow, Apr 2, 2024
    Peplow, Apr 2, 2024
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  7. Apr 2, 2024 #5
    mjd4277

    mjd4277 Road Train Member

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    Where does Transforce fit in all of this?
     
    mjd4277, Apr 2, 2024
    mjd4277, Apr 2, 2024
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  8. Apr 2, 2024 #6
    broke down plumber

    broke down plumber Road Train Member

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    Yes , read that they bought up another co. Maybe more in the good times and it killed them in the downturn
     
    broke down plumber, Apr 2, 2024
    broke down plumber, Apr 2, 2024
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  9. Apr 2, 2024 #7
    Peplow

    Peplow Light Load Member

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    Just an example of an outfit which is doing OK under the same market conditions, that are being blamed for Pride's downfall.



    Pete
     
    Peplow, Apr 2, 2024
    Peplow, Apr 2, 2024
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  10. Apr 2, 2024 #8
    mjd4277

    mjd4277 Road Train Member

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    Maybe because they didn’t overexpose themselves to debt and have a better balance sheet!;)
     
    mjd4277, Apr 2, 2024
    mjd4277, Apr 2, 2024
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  11. Apr 2, 2024 #9
    Magoo1968

    Magoo1968 Road Train Member

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    Anyone notice that they say because They can’t get credit for leasing inventory that’s why they went bankrupt… hmm isn’t a trucking company supposed to be profitable in trucking. Sounds like the fleecing side was their profit Center till everyone wised up .
     
    Magoo1968, Apr 2, 2024
    Magoo1968, Apr 2, 2024
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  12. Apr 2, 2024 #10
    mjd4277

    mjd4277 Road Train Member

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    Plus three of the creditors(Daimler Financial,PACCAR Financial and Volvo Financial) are calling in their markers!
    Margin Call gentleman!!!
     
    mjd4277, Apr 2, 2024
    mjd4277, Apr 2, 2024
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