MacKinnon Transport files NOI, Sells Van Division
GUELPH, ON — MacKinnon Transport Inc. (MTI) confirmed on Friday that it has voluntarily filed a Notice of Intention (NOI) to its creditors in order to restructure the 82-year-old family business.
“The process was necessary due to the financial suffering we have withstood as a result of an unsuccessful acquisition coupled with market conditions," said Evan MacKinnon, president and CEO of the Guelph-based carrier.
MacKinnon stressed that the company was not filling for bankruptcy. The NOI will give the company time to stabilize before returning to their roots as a flatbed truck carrier.
Part of the restructuring is the sale of MTI’s van division to Laidlaw Van LP, which, MacKinnon said, ensures the future of MTI while preserving as many of the jobs as possible.
Ninety-five percent of the jobs of MTI employees and independent contractors are safe, MacKinnon said.
“I remain confident that our goal of achieving financial stability of MacKinnon Transport as a strong flatbed player in the North-American Trucking Industry will be preserved.”
MacKinnon Transport Inc. employs a total of 240 employees and contractors.
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