MISSISSAUGA, Ont. - Bruce R. Smith, a large Ontario-based flatbed and reefer fleet with a storied 60-year history, has emerged from bankruptcy protection thanks to a cash injection from Ron Tepper's T...
MISSISSAUGA, Ont. –Bruce R. Smith, a large Ontario-based flatbed and reefer fleet with a storied 60-year history, has emerged from bankruptcy protection thanks to a cash injection from Ron Tepper’s Tepper Holdings Inc. (THI Group).
On Oct. 27, the company emerged from Canada’s Companies Creditors’ Arrangement Act (CCAA) protection and management says it is now looking to put the recession behind it.
“Like many carriers, we have had a tough go the past two years and it has taught me how valuable our 60-plus years in this business really is,” said president and CEO John Smith. “I owe a lot to our seasoned team and our long-standing customers who have stayed with us through these turbulent times. I am pleased to announce that we are back on our feet and have a solid footing thanks to the agreement with the THI Group.”
Bruce R. Smith went into bankruptcy protection in the fall of 2009. It has since restructured its business and affairs.
Tepper said he was happy to help.
“We are pleased that John Smith will actively continue his historical role as president and CEO of Bruce R. Smith,” Tepper said. “He knows his business best and has done a great job of maintaining the relationships necessary to guide the company through gruelling conditions. What we and the members of the THI Group have brought to the table is considerable financial stability and additional resources that will make it possible for John to successfully grow the business for generations to come. I am excited about what we can accomplish with our combined talents.”
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News