SHERWOOD PARK, Alta. – Alberta-based carrier Ventures West Transport is selling off all its assets, as the company’s majority owner has decided to cut its losses.
Ventures West, which serviced the western provinces, Yukon, and N.W.T., was doomed after an unsuccessful bid to continue hauling fuel to a diamond mining operation in the N.W.T. With the loss of this contract, the Tłı̨chǫ government, the primary owner of the carrier, chose to cease operations of Ventures West while the company is under creditor protection.
It was estimated Ventures West would lose approximately $9.3 million for the year ending March 31, 2020 after its failure to secure the contract to transport fuel to the N.W.T. mining operation. The contract would have spanned a five-year period.
Since the Tłı̨chǫ government, a First Nations organization, invested into Ventures West in 2009, it had advanced the carrier around $37.6 million to support its operation.
Along with Tłı̨chǫ Landtran, another transportation company owned by Tłı̨chǫ Investment Corporation that has dissolved, Ventures West will sell off hundreds of trucks and trailers over the next couple of months.
Have your say
We won't publish or share your data