The identity of the buyer of the Cross Country Manufacturing plant in Blenheim has been made public.
According to court documents, GINCOR Trailer Holdings made an offer on November 14 and has been going through the courts to get the purchase agreement approved and the sale closed.
Cross Country owes at least $8-million in loans and has until December 29 to pay them. The new deadline to make a viable proposal to pay unsecured creditors is now January 19. Cross Country has debts of $125,000 to the municipality of Chatham-Kent for property taxes, $282,000 to Canada Revenue Agency for income taxes, $233,000 to Tilbury Steel, $181,000 to Tirecraft in Chatham, and many others.
GINCOR intends to continue building trailers at the Blenheim plant and intends to keep all 76 employees. Cross Country says it will pay all wages and vacation pay up to the closing date.
The trustee says the purchase price is fair and reasonable under the circumstances and is considerably higher than could be achieved in receivership or bankruptcy.