STG Logistics announced Thursday that it has completed a financial restructuring, reducing its total funded debt by approximately 90%. The asset-based intermodal provider emerges from Chapter 11 protection with new ownership, a leaner balance sheet and new capital to support its business.
The Dublin, Ohio-based company entered a pre-packaged Chapter 11 agreement in January. Under the recapitalization plan, STG reduced funded debt by over $1 billion and received $150 million in new capital from a group of investors including Fortress, Fidelity and Invesco. Those investors now hold a majority equity stake in the company.
“The completion of this process marks a pivotal moment for STG, positioning us to invest in our people, our service, our technology, and our capabilities,” said STG CEO Geoff Anderman in a news release. … “With a significantly strengthened financial foundation and the backing of our new ownership group, we are well-positioned to continue leading the industry as the only true, one-stop port-to-door containerized freight provider in North America, and we look forward to a bright future ahead.”
STG said there was no disruption to service or to its relationships with customers and vendors throughout the process.
The company’s improved financial position comes at an opportune time.
An exodus of truckload capacity, driven by regulatory crackdowns on noncompliant drivers, has triggered a surge in TL spot rates. The inflationary TL rate environment coincides with a runup in diesel fuel prices due to conflict in the Middle East. Those were the primary catalysts behind an 8% year-over-year increase in total intermodal traffic on the U.S. Class I railroads during the second quarter. (Domestic rail container volumes were up by double-digit percentages in the period.)
Intermodal is currently 31% cheaper than full, over-the-road truckload service. That’s significantly above the roughly 15% cost savings threshold typically required to spark modal conversion.
STG provides container freight station and transloading services, operating a network of roughly 100 owned and partner facilities. It is an asset-backed intermodal market company with 15,000 53-foot containers and 3,000 tractors (owner-operators), providing coast-to-coast, cross-border and intra-Mexico service.
It also provides full-truckload and less-than-truckload services through a 25,000-plus carrier network.
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