On April 1, 2024, Pride Group Holdings Inc., a Canadian trucking conglomerate based in Mississauga, filed for creditor protection to restructure $1.6 billion in debt, having defaulted on over 40 loans. This move came as financial irregularities were uncovered by bank lenders, led by the Royal Bank of Canada, revealing instances of multiple financings on single trucks. Pride's financial adviser also found discrepancies in vehicle purchases and loan repayments.

The company's struggles were attributed to industry-wide challenges like higher interest rates and an oversupply in the trucking sector post-pandemic. Co-founder Sulakhan Johal cited a "perfect storm" affecting the industry, exacerbated by internal bookkeeping deficiencies and operational strains.

Founded in 2010, Pride expanded from a used truck dealership to a comprehensive trucking entity in Canada and the U.S., engaging in various services including truck sales, leasing, and logistics. However, the firm's growth reversed during the freight recession, impacting its client base mainly of independent drivers, who now face financial hardships due to previous peak period acquisitions and current high interest rates.

Owing $1.6 billion to over 20 lenders, with significant ones being Mitsubishi HC Capital Canada, Bank of Montreal, and Daimler Truck Financial Services, Pride initiated restructuring efforts. It proposed Ernst & Young as the court-appointed monitor and appointed Randall Benson as the chief restructuring officer. The Johal brothers, holding full equity, personally guaranteed over $200 million of the debt, further complicating their financial standing with substantial personal financial commitments.