GUELPH, Ont. — Trucknews.com has learned MacKinnon Transport has filed a Notice of Intention (NOI) under the Bankruptcy and Insolvency Act in order to restructure the company.
Meanwhile, Laidlaw Van LP has purchased the van division of MacKinnon Transport, according to a notice sent to drivers from Alex MacKinnon, senior vice-president, finance and administration.
In a message to driving staff yesterday, MacKinnon said: “Let me stress that this is NOT a bankruptcy of Mackinnon Transport, we have a NOI to make a proposal which offers creditor protection strategy, that will provide the time and stability necessary to complete financial restructuring, which will make MacKinnon Transport a stronger industry competitor with a renewed financial outlook.”
A driver’s meeting will be held Saturday with senior company officials. Calls to MacKinnon Transport have not yet been returned.
In a follow-up message to drivers, MacKinnon said all van division drivers and owner/operators will be employed by Laidlaw. Laidlaw is owned by Contrans. At the recent Ontario Trucking Association (OTA) convention, Contrans president and COO Greg Rumble hinted the company was on the lookout for further acquisitions.
“It’s a great time to be looking for acquisitions,” Rumble said at the time. “You get a chance to see what a company was able to do through the toughest economic times in 25 years. If the company has done reasonably well in the 2008-2010 period, I’m willing to pay for that. We’ll pay a fair market value and allow the company to continue doing what it has been doing. We’re prepared to pay for companies that have done well through the recession.”
Stay tuned to Trucknews.com for updates as they become available. MacKinnon Transport has a 75-year history and has always been considered one of Canada’s premier flatdeck carriers, operating approximately 270 trucks. It has also won fleet safety awards from Volvo Trucks and the Truckload Carriers Association. Mackinnon has also been named a Best Fleet to Drive For under a program run by CarriersEdge and the Truckload Carriers Association.
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