Trucking news and briefs for Wednesday, April 3, 2024:
Pride Group filed for bankruptcy protection last week. Companies in the Pride Group will file cases under Chapter 15 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware seeking recognition of the Companies’ Creditors Arrangement Act (CCAA) Proceedings within the territorial jurisdiction of the United States and other related relief, the company announced.
“We have taken these steps to commence the CCAA Proceedings and to seek recognition under the Chapter 15 Cases so that we can maintain our current operations, stabilize our business, establish governance controls and monitoring, and develop a plan to restructure for the benefit of our stakeholders,” the company said in a statement. “We believe this is in the best interests of all of our employees, customers, business partners and other stakeholders.”
Pride Group expects to continue operations under the protection of the Initial Order, noting the company does not “anticipate any disruption to the products and services we provide” and “intends to use the protections afforded to it by the Initial Order to reorganize and/or restructure its businesses to address short- and long-term goals. We are optimistic and confident that the Pride Group will emerge from these proceedings as a stronger company with stronger overall financial health.”
The Comptroller of Maryland, Brooke E. Lierman, on April 1 authorized the temporary waiver of certain IFTA requirements in Maryland to mitigate the economic impact of the Francis Scott Key Bridge collapse.
As of March 30 at 12:01 a.m. and through May 31 at 11:59 p.m., Maryland will waive IFTA licensing and decal requirements for motor carriers hauling freight to or from a seaport.
Lierman’s office also noted that it expects some IFTA licensees located in the affected area to possibly experience difficulty filing their quarterly IFTA tax returns by the April 30 due date, and as such, the office is granting a waiver of penalties for this filing period.
