After Celadon’s sudden shutdown earlier this month, the vast majority of the carrier’s holdings came to a screeching halt. Only one carrier remains standing, and only for long enough to be sold off to help pay down some of the hundreds of millions of dollars in debt that Celadon has left behind.
When Celadon filed for bankruptcy on December 9th, it stranded thousands of drivers across the country with no warning. New hires showed up at bus stops to find that their tickets had been cancelled – it was business as usual right up until the end. But things were so grim that Celadon’s bankruptcy filing shut down 25 of its 26 carriers. Only one was deemed to be worth saving in order to sell, the rest were to be liquidated.
Taylor Express’s 160-trucks are still running. The judge presiding over the bankruptcy case has allowed Celadon to spend $1.2 million before January 3rd, 2020 to keep Taylor running. During that time, Celadon hopes to be able to sell Taylor and use the funds to help pay down the estimated $391 million in debt that the company still has.
Celadon’s closure came just four days after one of its former presidents and a former CFO were charged with multiple felonies related to an alleged fraud scheme. That same scheme resulted in a federal investigation which Celadon settled by agreeing to pay $42.2 million.
Source: ttnews, truckersreport
Same old same old
How do you get 391 million dollars in debt? Stupid.
Easy. Average dry van rate in 2018 is $2.5 a mile. 2019 avg dry van rate is $1.5. The difference is 1$ a mile. Multiply it by 100000 miles one truck makes a year and then multiply it by 3000 drivers. This makes $300 million add office employee salary and boom.
Easy they screwed the pooch by buying and selling shitty trucks for lease purchase and lost a crap ton of money on it because they were defective and broke down all the time, inflated the price way to high on them and also never wanted to pay you the fuel kick ba k they were getting.
Unless Taylor drivers start jumping ship early. I know if my company was in jeopardy I’d be looking for a new job ASAP.
Same thing happened at pie, the drivers took pay cuts ,then few months later out of business , I left, said f em ,got another job, ahead of the crowd ,and gained more seniority
I agree, great math skills…. I feel real bad for the people that got smacked with no way home and no pay checks.
I would have got home with my pockets fat sell apu tires and rims everything off the tractor lol
Same way we get 391.00 in just multiple it. They’re working in millions while we are in hundreds. Like you & I we say we have to correct our spending habits not to go deeper in debt. That’s what they didn’t do & many others big & small. Make correction at the right time. The biggest thing is having foresight.
No different than being $104 trillion in debt as a country…… just sayin’.
There slickness finally caught up to them.Unable to talk there way out of this one
I would like to know the names of there 26 other companies
Celadon does not play the spot market whatever their contract rate is for customer that’s what it would stay giver take a fuel surcharge so it goes a lot deeper than just rate change!!!
What no xmas party this year
Greed got the best of them doesn’t look like it was worth it since they got caught off to prison you go enjoy!!!
They still owe me $6.000 in bonuses and I want my money I need to get payed for pain and suffering and I speak for all drivers
Steal some parts off the,trucks sell em , I got I international prostar and cascadia
That’s why I left just in time when dc channel put it out there that they were the next falcon transport
theyre most likely leased from the manufacturer, they’re assets of the manufacturer in that case so they’ll go back to them.
Perfect!!! Keep that company open till early January and the stiff those drivers out of their checks!!! That will make a nice parachute for the ‘chosen’ execs!!! Wake up drivers!!! We have the power! But only if we have the courage and resolve to exercise it!!!
Taylor drivers need to run through Christmas Day to make those bucks, at least. Then look elsewhere fast. Get out. I cannot see how Taylor makes it.
Ask Doug Taylor he made big bucks
Worth noting that the execs blamed the DoJ suit for bankrupting the company, bur it only constitutes a little over 10% of the debt.
They were circling the bowl long before DoJ came along…
Still, jobs lost for any reason bring this country down. Everybody’s connected. Good for you DOJ for making us poor while you all still have jobs.
Wow. If I worked for Taylor I’d quit immediately and find another job. Just knowing that their using the company I’m working for to pay off debts for what some exec’s caused that shut Celedon down. Don’t give them anything. Well I guess Celadon is having a yard sale on equipment now.
the rates are to low .for the truck and the driver’s pay. Plus make a profit for the company.fuel ,road taxes…u need to get $2.80 a mile just to break-even
Every asset owned by the owners should be seized. And the 42 million fine should pay Drivers first and debtors second.
I posted it on a site a week before it happen and drivers were sharing snapshots of a message on Qualcomm stating they were not leaving the drivers stranded but to please delivery the load they had !!!! But fuel cards were getting shut down and you still had dispatch sending messages not to abandon there trucks. I would say I can’t see how this happen but it’s the same o same o with a owner scheming for a bigger life. It should have been figured out through accounting when you looking at a tire account that you owe thousands of dollars. God bless those who lost there jobs right here at Christmas
Pete & repeat Robert… Just sayin’…trying 2 start another political firestorm when this thread has NOTHING 2 do w/ politics. We get it, your bored & stuck in a truck stop all weekend. Get dressed & go play in the truck stop game room w/ the other meatheads who haven’t showered all weekend that are more your level.
No shower stinky drivers say it ain’t so
If I was a Taylor driver I would park that truck and walk away. Why let celadon make any money on selling it while it screwed its own drivers. Just saying.
I will give them 1 million for Taylor Express. Cause if they are only willing to spend 1.2 million on it then it’s not worth much more then a million
We were ALL offered a way home. And we also received all of the pay that was due us.