Light Speed Logistics has been placed under three court-appointed receiverships in a rapid series of rulings that hand control of the carrier’s cash, equipment and real estate to three different lenders.
CIBC, National Bank and BDC each secured independent receivership orders through the Court of King’s Bench of Alberta, resulting in Grant Thornton, Ernst & Young and MNP taking over different parts of the company’s assets.
Grant Thornton is recovering accounts receivable, bank accounts and a slate of trailers for CIBC, while EY has been tasked with seizing and selling a large portion of Light Speed’s late-model Utility refrigerated trailers and reefer units financed by National Bank.
BDC’s receivership, led by MNP, is the broadest, covering Light Speed Holdings Inc., its real estate in Rocky View County, and additional equipment tied to BDC’s priority agreements. The order requires MNP to coordinate with the other two receivers as they work through overlapping claims.
Together, the three orders suggest Light Speed’s operations are being dismantled rather than restructured, with most of its reefer fleet, cash and property now under creditor control.
More updates will follow as the receivers file their initial reports.
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