Tepper pulls Bruce R. Smith out of bankruptcy

MISSISSAUGA, Ont. — Specialized carrier Bruce R. Smith has announced that it has exited Canada’s version of Chapter 11 thanks to a recapitalization plan with investment group Tepper Holdings.

"Like many carriers, we have had a tough go the past two years and it has taught me how valuable our sixty plus years in this business really is," President and CEO John Smith states in a press release. "I owe a lot to our seasoned team and our long standing customers who have stayed with us through these turbulent times. I am pleased to announce that we are back on our feet and have a solid footing thanks to the agreement with the THI Group."

Ron Tepper, CEO of Tepper Holdings, is also executive chairman and investor of intermodal carrier and CP Rail transport partner, Consolidated Fastfrate.

‘We are pleased that John Smith will actively continue his historical role as president and CEO of BRS. He knows his business best and has done a great job of maintaining the relationships necessary to guide the company through gruelling conditions," said Tepper. "What we and the members of the THI Group have brought to the table is considerable financial stability and additional resources that will make it possible for John to successfully grow the business for generations to come."  

Simcoe, Ont-based Bruce R. Smith has been under the Companies Creditors’ Arrangement Act (CCAA) protection since last fall. With revenues taking a beating in the freight recession, the company that CCAA was needed to match a new cost structure with a lower revenue model.