TCT firm under financial scrutiny, swaps president

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CALGARY, Alta. — TCT Logistics today announced it has been operating on the unhappy side of the ledger for some time.

Described by the company as being, “outside permissible margining requirements under its senior credit facility,” it adds a review of financial operations is now under way. Completed with the assistance of the board and senior managers, in addition to the company’s senior lender, the goal is to maximizing value for all the stakeholders of the business.

One of the likely solutions mentioned in a company press release is a possible sale of the business.

Concurrently, TCT Logistics also replaced Ken Lucas, formerly the president and chief executive officer, with Donald Turple, formerly the chief financial officer a director of Tri-White Corp.

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