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Breaking News: Covenant, Triumph resolve dispute over sale of TFS factoring

Image: Jim Allen/FreightWaves

Covenant Logistics and Triumph Bancorp have reached agreement on the sale of Covenant’s Transportation Financial Solutions (TFS) factoring unit to Triumph, but with some changes in the provisions of the deal.

The transaction was first announced in July but soon hit a snag over differences in valuations that the two parties were putting on the assets of TFS. 

Also in an announcement published immediately after the close of trading on the New York Stock Exchange on Wednesday, Covenant said that its third-quarter adjusted operating and financial results are “expected to significantly exceed prior expectations.”

FreightWaves will have additional information on this story as it develops.

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John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.