• ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
  • ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
CanadaNewsTrucking

Canadian heavy hauler ENTREC obtains creditor protection, plans US bankruptcy

Alberta-based firm blames COVID-19 and the collapse of the oil sector as it looks to sell off its businesses in Canada and the United States.

Heavy equipment hauler ENTREC has secured creditor protection in Canada and is seeking U.S. bankruptcy, blaming the COVID-19 pandemic and the collapse in oil prices.

The Canadian company filed for protection under Canada’s Companies’ Creditors Arrangement Act (CCAA), similar to U.S. Chapter 11 bankruptcy, on May 15. The filing came after Wells Fargo demanded immediate repayment of nearly C$90 million (about US$65 million). 

The company blamed COVID-19 and the collapse in oil prices for its recent struggles.

“The COVID-19 global pandemic, a historic decrease in oil demand and the Russia-OPEC oil price war are all factors which have contributed to ENTREC’s financial challenges,” the company said in a court filing. 

ENTREC specializes in the transportation of oversized and overweight cargo, and providing cranes in the energy, mining, chemical, pulp and paper, and infrastructure industries. The company has a fleet of 115 tractors and 550 trailers with operations in Alberta, Colorado, North Dakota, Texas and Wyoming. 

The company plans to continue operations as it looks to sell all or parts of its business. ENTREC reported C$284 million in assets and C$271 million in liabilities. 

ENTREC’s U.S. subsidiary obtained US$3.9 million in forgivable loans in April under the Paycheck Protection Program in the U.S. The company also applied for the Canada Emergency Wage Subsidy, which covers up to $847 per week per employee. 

The company’s struggles pre-dated COVID-19. The downturn in the energy sector, pipeline delays, and carbon taxes had been weighing on its profitability, ENTREC said in a filing. 

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Nate Tabak, Border and North America Correspondent

Nate Tabak is a Toronto-based journalist who covers cross-border trucking, logistics and trade for FreightWaves. Before moving to Canada, he spent seven years reporting stories in the Balkans and Eastern Europe as a reporter, producer and editor based in Kosovo. He previously worked at newspapers in the San Francisco Bay Area, including the San Jose Mercury News. He graduated from UC Berkeley, where he studied the history of American policing. Contact Nate at ntabak@freightwaves.com.

2 Comments

  1. Thankyou asshat Trudeau you think because you block pipelines and oil projects that this is all you are shutting down. Well guess what you are destroying subsequent business to. All the oil related companies that supply the fields you F#%$#$$g moron look at how everything you touch gets destroyed you steal a walking muddies law STOP TRYING JUST GO AWAY

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