As previously announced on February 12, 2013, Vitran signed an agreement to sell its Supply Chain Operation (SCO) business to Legacy Supply Chain for $97.0 million in cash proceeds, subject to working capital adjustments. The sale of the SCO business is expected to close by March 1, 2013, upon completion of the Legacy financing, and is subject to customary conditions for this type of transaction. Vitran intends to use a portion of the net proceeds from this transaction to fully reduce its outstanding debt under its senior revolving credit facility, and will have approximately $50.0 million of remaining cash on the balance sheet. The operating results of the segment have been recorded as a discontinued operation."This marks a new beginning for Vitran Corporation as a pure LTL company. With the pending sale of our SCO business, expected to close March 1, 2013, Vitran will continue to focus on building a premier North American LTL company," stated Vitran President and Chief Executive Officer Rick Gaetz.
Vitran Reports 2012 Year-End And Fourth Quarter Results
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