EXETER, Ont. - Veri Trucking of Exeter, Ont. has filed for credit protection."It's just a financial restructuring and we've done it with the blessing of our secured creditors," says Veri president, Le...
EXETER, Ont. – Veri Trucking of Exeter, Ont. has filed for credit protection.
“It’s just a financial restructuring and we’ve done it with the blessing of our secured creditors,” says Veri president, Len Veri. When asked if this move was simply a precursor to an eventual bankruptcy he adds, “Hell no, we’re in for the long haul.”
The official papers were signed as of Nov. 9 and apply to any billings prior to Nov. 6.
“Any billings prior to Nov. 6, come under the arrangement, any billings after then get paid as usual,” he says. “The owner/operators we have with us are taken care of. They all get paid on time, as they have for the past 15 years.”
While rumors estimating debt between $9 million and $19 million circulated quickly, Veri says, they’re not entirely true.
“If we’d continued to operate the way we were going to the term of our leases, then we’d be looking at the high number,” he explains. Veri has locations in Exeter and London, Ont., and also Calgary.
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