The Globe and Mail reports in its Tuesday edition that Pride Group Holdings, once a fast-growing trucking conglomerate, has filed for creditor protection in hopes of restructuring $1.6-billion worth of debt after defaulting on more than 40 loans. The Globe's Tim Kiladze writes that Pride Group, based in Mississauga, also disclosed in court filings that a group of bank lenders, led by RBC, is alleging financial irregularities at the company. These findings, the company says, include some trucks being financed by more than one lender, without the lenders knowing. Because of this, multiple lenders now have competing claims against the same collateral as Pride tries to restructure. The filings say Pride also hired a financial adviser who found that the company took out loans to purchase new vehicles, but then did not make the purchases or repay the funds. Pride has multiple divisions. One arm, for instance, sells new and used trucks, while another leases trucks to independent drivers and provides them with financing. The company is requesting that a court-appointed monitor facilitate the restructuring. In an affidavit, Pride chief executive officer Sulakhan Johal wrote that the company had some bookkeeping issues.