As far as I can tell, Pride Group is not associated with LGBTQ+. At least, the article didn’t suggest they are.
That’s what I’m here for.
Although a queer trucking company would have been really cool.
The only reason I read the article was to figure out why LGBTQ+ was going broke in Canada. Given that (as near as I can tell) “Pride” has been associated with LGBTQ+ (or their historical analogs) since about the 70’s, that’s quite the name for an unaffiliated company.
My first thought was that it was a white supremacist organization, and was curious how they’d racked up so much debt.
A number of years ago, ‘pride’ was a word used for other things too. Even a group of lions is a pride; and Prince sang of it in Purple Rain.
#theMoreYouKnow #whenTheChildrenCry
“Along with Mitsubishi HC Capital, more than 20 other lenders have filed claims totaling $637 against Pride Group, according to filings with the U.S. Bankruptcy Court for the District of Delaware.”
I know it’s a nitpick, but I don’t like when articles just leave out the million in a sentence like this. C’mon, editor… numbers are important.
This kind of makes sense; this industry has seen a lot of debt-fuelled M&A over the last few years, and it tends to be a very debt-fuelled industry anyway (floating lines of credit, vehicle leases, etc), and with interest rates rising, the cost to service that debt comes right off the bottom line.
What will be interesting, in the Chinese “May you live in interesting times” curse sense of the word, is if this were to happen to TransForce, which has eaten most of the industry.
Also, our overlords are desperately trying to avoid this happening to real estate, by the way. A huge amount of that is just a debt-fuelled house of cards.
