Trailmobile Canada Ltd (TCL) has announced that its United States affiliate, Trailmobile Trailer LLC (TTLLC), has filed for Chapter 11 under the US Bankruptcy Code. Trailmobile Trailer Canada Ltd (TTCL), a wholly owned subsidiary of TTLLC, TCL, and Trailmobile Parts & Service Corporation are not included in any Chapter 11 filings.
As before, TCL will continue to operate as a separate legal entity, with a separate and distinct financing arrangement from all other affiliated Trailmobile companies.
TCL's current trade receivable from affiliates is $2.4 million, with $82,000 and $2.3 million due from TTLLC and TTCL, respectively. Of the amount owed by TTLLC, $63,000 will be charged to fiscal 2001's results and the residual, $19,000, will be charged to TCL's first-quarter results for fiscal 2002. All monetary figures are expressed in Canadian dollars.
