Integrated Freight Corp. announced the successful completion of its refinancing and restructuring of equipment totaling $3.6 million at its Cross Creek Trucking subsidiary, which included financing by Utica Leaseco of $2.6 million. Cross Creek is a Medford, Ore.-based motor carrier that specializes in transporting refrigerated organic fruit and vegetables.
“The refinance enables us to do several things,” says Paul Henley, chief executive officer of Sarasota, Fla.-based Integrated Freight. “We have been able to reduce our monthly payments on equipment with a new amortization schedule. We will relocate some equipment to maximize revenue and margins, and we plan reducing overall SG&A expenses. Additionally, this refinancing facilitates our ultimate plan of integrating some of our operations with our other subsidiaries to further streamline costs and peruse more lucrative routes in different parts of the country.”