Truck News

News

Court names KSV Advisory receiver for Hyndman


Hyndman

Those were the days: A Hyndman recruitment ad from 2017.

TORONTO, Ont. — An Ontario Superior Court judge has appointed Toronto consulting firm KSV Advisory to oversee the liquidation of the assets of Hyndman Transport, the Canadian subsidiary of bankrupt American trucking company Celadon Group.

Justice Glenn A. Hainey’s ruling came Thursday, just days after Celadon agreed to the receivership, following a motion by a lawyer representing Hyndman’s former employees, who are owed more than $2.3 million.

Last week Hainey had barred Celadon from selling Hyndman’s assets, and on Monday he ruled that “no cash can leave the Canadian company” before a receiver is appointed.

Hyndman’s headquarters in Ayr, Ont., is valued at $12 million.

Lawyer Andrew J. Hatnay said Thursday the court has yet to appoint a representative counsel to the employees.

He has called the judge’s decisions “very helpful to Canadian employees and creditors”.

CeladonHundreds of Hyndman employees have been exploring their options since early December, when the company shut down without warning after Celadon filed for Chapter 11 bankruptcy protection in the U.S.

Hatnay is representing more than 250 of the 400 former employees. KSV Advisory provides restructuring services to distressed companies. Executives at KSV were not immediately available for comment.

 


Print this page
2 Comments » for Court names KSV Advisory receiver for Hyndman
  1. Shy Wiens says:

    Bout dang time.
    Takes the Canadian employees to show even more how shady Celadon really was .
    Koodoos to all the employees from Hyndman ..
    Good luck ..

    • Stephen says:

      I told our transport minister by letter on oct 16 along with the O T A about celadon. The O T A . said I was wrong and the Ontario transport minister said that she did not get the letter that I sent twice. The ford government was told by a well respected government employee that celadon was leaving injurious truck drivers on the street when the homeless shelter was full. One such truck lost his left foot. I got the same fungus and would have lost my right foot except for a kind nurse who put me up for 2 weeks and treated my foot several times a day for 2 weeks.

Have your say:

Your email address will not be published. Required fields are marked *

*