Walgre Transport emerged from a Companies’ Creditors Arrangement Act (CCAA) restructuring Jan. 30 after court approval of its restructuring plan.

The company believes it’s the first time a Canadian trucking or logistics company has emerged from CCAA with a restructuring plan that will allow it to continue as a going concern, rather than an asset liquidation or wind-down.

“This process demonstrates that court-supervised restructuring can be a constructive and practical solution for trucking companies facing extraordinary market pressures,” said Kanwal Grewal, President of Walgre Transport.

“We would not be here without the support of our customers, lenders, drivers, and employees. Their commitment during a challenging period allowed us to continue operating, serving freight, and preserving jobs.”

The court-approved plan allowed the company to restructure fleet financing obligations with lenders and re-amortize truck and trailer debt. It also resolved unsecured creditor claims and enabled the company to emerge with a sustainable capital structure aligned with current trucking market conditions, the company said in a release.

“The restructuring positions Walgre Transport with a stronger balance sheet and an operating structure designed for long-term sustainability in the trucking and logistics sector,” the release said.