The Globe and Mail reports in its Tuesday edition that trucking conglomerate Pride Group Holdings has two months to craft a restructuring plan after filing for creditor protection with $1.6-billion in debt, a challenging exercise for its court-appointed monitor because the entire sector is reeling from oversupply. The Globe's Tim Kiladze writes that Pride, based in Mississauga, filed for creditor protection in late March after defaulting on more than 40 loans. An Ontario judge has appointed Ernst & Young as monitor to oversee the restructuring. In its first report, filed Thursday, E&Y said it was moving quickly to sell all of Pride's real estate assets. Pride's co-founders, brothers Sam and Jasvir Johal, are also working with E&Y and an independent restructuring specialist to prevent liquidation. The company's clients are mostly independent operators who lease or own trucks, and this segment of the sector has been one of the hardest hit by the continuing slump in freight shipments. In a strong market, Pride's trucks could be sold or re-leased to a competitor, but that is not feasible for any operator in the current environment. A group of banks led by RBC is alleging financial irregularities at the company.