Trailer makers BWS Manufacturing, Stargate file for creditor protection
Canadian trailer manufacturers BWS Manufacturing and Stargate Manufacturing have sought creditor protection under the Bankruptcy and Insolvency Act.
Grant Thornton has been named trustee as the companies make a proposal to creditors.
BWS Manufacturing, a New Brunswick-based trailer manufacturer in business since 1967, listed debts of more than $9.1 million.
Milton, Ont.-based Stargate Manufacturing, which makes dump trailers, straight truck bodies, transfer trailers and live bottom trailers, listed debts of $6.4 million.
Groupe Hugo Corp. is the parent company of BWS and Stargate. It purchased a majority stake in BWS in 2017 and added Stargate Manufacturing in 2020.
Groupe Hugo also owns Remorques Lewis Trailers in Quebec, which is not included in the filings.
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Sad, this is what happens when we have a controlling Government restricting Development and Growth. We have lost Capital Investment!
When one takes inflation into account we probably have a Negative GDP Growth of – 15%.
This can be substantiated by the struggles of the Transportation Industries low freight volumes in most sectors.
Canada should be the richest nation on earth, instead we are faltering, have high Debt, and are now facing possible tariffs from the U.S.
We are not dealing from strength. We desperately need new progressive leadership in this country.