World Wide Carriers Ltd. et al., CCAA

World Wide Carriers Ltd. et al., Ontario-based companies which operate a business providing end-to-end supply chain services, transportation logistics and warehousing services, obtained CCAA protection on March 19.

At its peak, the group, which also has a significant real estate portfolio, commanded a fleet of approximately 215 trucks and 450 trailers that provided supply chain services across North America.

The business was highly profitable, earning revenues of more than $50 million in 2022. However, COVID-19 related demand for trucking and logistics services dissipated as the pandemic subsided. At the same time, the company found itself facing rapidly rising fuel costs and inflation, as well as a significant shareholders’ dispute.

Unable to meet its debt and payroll obligations, and facing demands from various creditors, World Wide Carriers initially filed an NOI on March 4, and the proceedings have been continued under the CCAA to allow for creditors to be paid down through the refinancing or sale of certain real properties and the development of a plan of arrangement. BMO is providing a DIP loan.

B. Riley Farber is the monitor.

Counsel is Reconstruct for the companies, Cassels for the monitor, Gowling WLG for BMO, Lax O’Sullivan for Sukhdev Dhaliwal, WeirFoulds for BVD Capital, Blaney McMurtry for TD, Simmons Da Silva for BVD Insurance and Aird & Berlis for the majority shareholders.