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.