"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.
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 5 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. However, news of the hiring of a new CEO and a "process improvement" manager in November suggests attempts are being made to tackle whatever ails XPress Global. Still, the $2.4mn of fair value at September 30 at ABDC is equal to 1.3% of Alcentra's Net Asset Value, so could drop further, which is why we project the credit trend as Down.