"Xpress Global Systems is proud to offer our customers a world of diverse and focused transportation solutions. A subsidiary of U.S. Xpress Enterprises, Inc., Xpress Global Systems compliments our parent company’s position as one of the nation’s largest and most diversified truckload carriers by specializing in transportation and logistics concerns that answer the demand in today’s consolidation and distribution marketplace. From our unmatched expertise in floor covering logistics that features over 40 years of experience in this field to warehousing services and innovative answers for pool distribution and on-demand truckload and LTL capacity, Xpress Global Systems customizes solutions to fit your needs. ... Xpress Global Reaches 80 percent of the population in the United States, covering the country’s major markets and beyond." From the LinkedIn Profile.
News Feed
- 11-10-16
BDC Credit Reporter View
XPress Global Systems is a leading floor covering logistics company, with warehouses across the country. Information is sparse. However, the only BDC with exposure-Alcentra Capital or ABDC-placed its $5.5mn Second Lien loan on non-accrual in the IIIQ of 2016. Moreover, a $0.489mn equity investment at Cost was already being written down since the IQ 2016. Given the second lien status and the fast write-down of the debt (the equity is already marked at zero) from par to 43% of cost in two quarters, the BDC Credit Reporter has a Corporate Credit Rating of 4 on the Company, expecting a material Realized Loss to occur, in addition to the unpaid interest. The credit trend remains down, and Alcentra has been close-mouthed on the Company's status. An additional, presumably senior, advance was made in the IVQ of 2016. Nonetheless, at the end of the IQ 2017, the debt overall remains valued at a 40% discount and the equity has been written to zero. However, news of the hiring of a new CEO and a "process improvement" manager in November 2016 suggests attempts are being made to tackle whatever ails XPress Global. A new CFO was added in May 2017. [Updated May 17, 2017]