Trailmobile seeks protection during restructuring

TORONTO — The Canadian division of trailermaker Trailmobile has filed an NOI (Notice of Intention), similar to a Chapter 11 Restructuring plan in the U.S., has learned.

An NOI is a mechanism that states an insolvent debtor’s intention to file a restructuring proposal and provides time to formulate it. An NOI filing automatically stays proceedings by all creditors without the need to obtain a separate court order.

"Our intention is to work with our creditors and present a restructuring plan to come out of the protection filing and continue business," Trailmobile’s Bert Clay confirmed to us in an email.

"This success all depends on the acceptance (by the creditors) of the plan proposed," a process, Clay says, will take 30 to 45 days.

The company is currently in an "extended holiday shutdown" pending the success of the reorganization.

Trailmobile is a North American leader in dry van trailers, producing the units out of Mississauga, Ont. It is well recognized in Canada, both for its products and industry role. It’s the perennial sponsor of the prestigious Service to Industry Award, given to a trucking pioneer by each provincial trucking association.

— More recently, Clay said he preferred not to comment further while the restructuring process is underway.


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