Latest news from Heavy Lift & Project Forwarding International Magazine

Entrec initiates CCAA proceedings

Canada-headquartered heavy transport and crane services provider Entrec has started court-supervised restructuring proceedings.

As part of the process, Entrec will consider the sale of all or a portion of the business, its assets, shares and its subsidiaries. It will also consider a refinancing, recapitalisation or other restructuring transaction.

The company obtained an initial order from the Court of Queen’s Bench of Alberta, which commended the proceedings under the Companies’ Creditors Arrangement Act (CCAA) – a Canadian federal act that allows financially troubled corporations to restructure their business and financial affairs.

According to Entrec, this means that the company and its subsidiaries are able to continue operating without disruption while the process takes place.

For its US operations, Entrec is seeking an immediate provisional recognition of the initial order under Chapter 15 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, USA.

In light of industry challenges facing the Western Canadian oil and natural gas sector, Entrec believes that the commencement of the CCAA proceedings will provide the company with “the time and stability required to continue operating its business while it works to implement the restructuring and achieve an outcome that is in the best interests of Entrec and its stakeholders”.

www.entrec.com

Heavy Lift | News

CLA adopts CHAMP solution thumbnail image

CLA adopts CHAMP solution

May 29 - CargoLogicAir (CLA) has implemented CHAMP’s weight and balance solution for advanced load planning.
Views: 462
Flinders prepares for Konecranes delivery thumbnail image

Flinders prepares for Konecranes delivery

May 29 - Flinders Port Holdings will take delivery of a Konecranes Gottwald Model 6 mobile harbour crane at its facilities in Port Adelaide, Australia during August.
Views: 518
IMH boosts range with SPX Flow thumbnail image

IMH boosts range with SPX Flow

May 29 - Middlesbrough, UK-based Industrial and Marine Hydraulics (IMH) has entered into a distribution agreement with SPX Flow.
Views: 509
BigRoll Beaufort moves for Virginia wind farm thumbnail image

BigRoll Beaufort moves for Virginia wind farm

May 29 - Roll Group has transported wind energy components using its vessel BigRoll Beaufort to assist in the construction of a wind farm 27 miles (43 km) off the coast of Virginia, USA.
Views: 750

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.