BeavEx files for bankruptcy, agrees to sell assets

TFI International agrees to $7.2 million purchase of the Atlanta-based express delivery service’s assets, including its Guardian Medical Logistics unit.

BeavEx files for bankruptcy, agrees to sell assets

TFI International agrees to $7.2 million purchase of the Atlanta-based express delivery service’s assets, including its Guardian Medical Logistics unit.

BeavEx files for bankruptcy, agrees to sell assets

TFI International agrees to $7.2 million purchase of the Atlanta-based express delivery service’s assets, including its Guardian Medical Logistics unit.

 
Canadian transport and logistics company TFI International has agreed to a $7.2 million purchase of the majority of assets of BeavEx, which filed Monday for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
    In the agreement, TFI International would acquire the Atlanta-based express delivery service’s assets, including BeavEx’s Guardian Medical Logistics unit, through three of its subsidiaries that provide courier services. The agreement also is subject to better bids.
    TFI International intends to integrate all Guardian customers and most BeavEx customers onto its platform and assume the contracts of BeavEx and Guardian independent contractors who serve those customers. The Montreal-based company also intends to hire “a substantial number” of BeavEx and Guardian employees, said Don Van der Wiel, chief restructuring officer, in a BeavEx press release.
   “We are confident that this process will result in strong new ownership, and we thank our employees and independent contractors for their continued hard work and commitment to fulfilling the 24/7 needs of our customers,” he said in the press release.
    According to a court filing, BeavEx, which has more than 80 facilities in 38 states and the District of Columbia, has had operating losses every year since 2014, totaling at least $23.9 million. Its estimated liabilities are between $50 million and $100 million and its estimated assets are between $10 million and $50 million, per a filing.
    The demand for the company’s paper delivery service was reduced due to technological advancements in check screening, Van der Wiel said in a court filing.
   TFI International also announced Tuesday its acquisition of Toronto Tank Lines, which operates storage facilities and a fleet of about 75 tank trailers and 45 power units with tank storage operations including 15 insulated and heated tanks.

I can absolutely deny that we have started a price war and can also say we have zero intent to do so. We are focused on profitability and generating cash.

The Port of New York & New Jersey is called by 42 liner services that directly connect it to regions outside North America, 11 of which call Asia, according to BlueWater Reporting's Port Dashboard tool.

Most Popular
Latest News
Social Media

Loading...

Mexico conceded on biologics, still wants USMCA

Mexico conceded on biologics, still wants USMCA

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Copy & Paste the following code to embed this story on your website:

Preview

BeavEx files for bankruptcy, agrees to sell assets

TFI International agrees to $7.2 million purchase of the Atlanta-based express delivery service’s assets, including its Guardian Medical Logistics unit.

Feb 20, 2019 on Dec 27, 2018AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Copy & Paste the following code to embed this story on your website:

Preview

BeavEx files for bankruptcy, agrees to sell assets

TFI International agrees to $7.2 million purchase of the Atlanta-based express delivery service’s assets, including its Guardian Medical Logistics unit.

Feb 20, 2019 on Dec 27, 2018AmericanShipper.com