Fredrikson represented Steeplechase Advisors in the successful sale of True North Transportation Holding Company. Steeplechase provides business and transaction advisory services to companies and their stakeholders undergoing transitions, reorganizations or mergers.
In the case of True North Transportation Holding Company, a multidisciplinary team navigated a highly complex transaction involving a transportation and logistics platform that consisted of eight trucking companies operating through 35 separate legal entities. Confronted with the challenges posed by the global pandemic and an unpredictable transportation environment, the company found itself in default on most of its debt obligations totaling more than $60 million. In late 2025, the company did not have sufficient funds to continue normal operations.
Steeplechase was appointed as assignee for the benefit of creditors and stabilized operations while leading a complex sale process over approximately six months. One of the buyers assumed and paid millions of dollars in vendor obligations; more than $20 million in sale proceeds were quickly distributed to secured lenders; and the jobs of hundreds of employees and independent truck drivers were saved.
Fredrikson’s legal team received the 2026 Transaction of the Year Award from the Minnesota Chapter of the Turnaround Management Association (TMA) for its role in the transaction. The Fredrikson team included Ryan Murphy, James Brand, Sam Andre, Schuyler Pals, Robin Radke and Ian Sheppard.
Steeplechase Advisors, LLC is now a division of J.S. Held, a global consulting firm providing technical, scientific and financial expertise across all assets and value at risk.