Alberta court appoints receiver over Light Speed Logistics’ financial assets and trailer fleet
Light Speed Logistics lender CIBC has secured a court-appointed receiver over key financial assets and a large portion of the carrier’s trailer fleet, according to a Receivership Order issued by the Court of King’s Bench of Alberta.
Rocky View, Alta.-based Light Speed Logistics was the 37th largest for-hire fleet in Canada in 2025 according to the Today’s Trucking Top 100 list with 330 tractors and 850 trailers.
CIBC, the secured creditor, applied for the order, which places Doane Grant Thornton Ltd. in control of the company’s accounts receivable, bank accounts and more than 150 Utility refrigerated trailers manufactured between 2018 and 2020. The equipment list, filed with the court, includes both tandem- and tridem-axle reefers.
Ernst & Young also lists Light Speed in its Restructuring Document Centre, and is also listed as a court-appointed receiver. As of the morning of Dec. 9, no documents had been posted to the page.
All proceedings against the company or its assets are stayed unless the receiver or the court approves otherwise.
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This should be no problem for the regulators and they should be able to hand back the company as a gift in time for Christmas.The precedent was set with the Pride Group so that they can claim that there will be a large number of job losses in spite of the fact that there is no such thing as job losses in trucking.The same amount of freight will continue to move on the same number of trucks so the jobs will move to another company,possibly one that actually meets its obligations and doesn’t hide behind bogus driver inc companies to avoid the responsibility of remittances.
Everyone in the industry is aware that this has become an actual business plan and if the courts allow another major player to profit by buying their Assetts back for pennies on the dollar they will send the clear message that they condone this activity.
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Very well written, Garry!
Your observations are right on.
I hope the courts are able to seize the personal assets of the principals.
I hope they can make a good deal with the courts like Pride Group. Maybe our government can throw in a couple of bucks
More loans based on family owned real estate over valued? Familiar theme throughout Canada these days. Seize the property and sell for settlements. Do not resell to forner owners for goodness sake.