I’m making money right now driving a 10 yr old Cascadia. A truck is merely a tool used to do a job. As long as it’s safe, who cares?
Celadon closing up shop!
Discussion in 'Truckers News' started by drvrtech77, Dec 7, 2019.
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There's a little guy that closed his doors suddenly near me. The terminal manager said he saw it coming for awhile.
I heard rumors of him stiffing the tire companies and other places for five figures each.
This was a 35 truck shop.
I guess I wonder why steps aren't / weren't taken for a more organized shut down. Same with the big company.
It's past the point of no return, you don't have to wait until all the life boats are gone to abandon ship.
Hope I never know the reasons first hand.Jarhed1964, Vic Firth and Upinsmoke Thank this. -
Well Celadon is primarily an automotive carrier and GM workers went on strike in October through most of September. Since most invoices are paid 30-90 days, that means right now is when Celadon is feeling the cash crunch.
Anyway, once they break the loan covenant, the loans become due immediately. That means a company that was operating just fine one day can suddenly have to close up shop.
But if the underlying company still is profitable, it might just reorganize under chapter 11. The lenders may lose some of their investment, but the company gets to keep on working and paying back what it can. This is what Celadon is aiming for now...Long FLD, scottied67, G13Tomcat and 3 others Thank this. -
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double yellow, Johny41 and Upinsmoke Thank this.
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I care..
Some of us need a little more than fleet spec, and for some of us this is still a lifestyle not just a job...
If you’re happy, I’m happy for you, too each his own..Texasgordo, Jarhed1964, Vic Firth and 3 others Thank this. -
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