Celadon on the ropes...

Basically they ran a glorified Ponzi scheme,and it backfired-spectacularly!
Now all of their creditors are calling in their markers. The past year and a half they were selling assets to scrape up sorely need currency to stay afloat (we bought Quality’s Carlisle terminal) but the company was still hemorrhaging more money than it was taking in.

 

Lmao !

 

So true ! It took me many years to learn that this is a cyclical business with up downs and what's here today may not be here tmw and always prepare for the downturn .
The fleet I'm leased to I've learned alot from having been in business since the 30s ..last year at the xmas party the owner told me regarding trades and new equipment purchases " this isnt going to last and all we are doing is replacing replacing equipment "
He was right and I cooled my heels on buying a newer truck .
Glad I listened!

 

yep, 3 Million a week burn rate

 

Just saw this...
An American trucking giant is slated to declare bankruptcy — and it may leave more than 3,200 truck drivers stranded and jobless


I have had Celadon drivers try to recruit me, handing me a card and saying how much better their company was than the one I work for.
I guess they got a bonus if they got me in.

Perhaps they should have gone to the bottom company, before being fed to the sharks.

 

My arnt you kind lol .

 

Thank you @tampadedicated for the insight. Wish I had your knowledge on this stuff, what you said was incredibly interesting.

I knew they were in trouble many years ago when all the local areas on the south side of Indy were stacked up with brand new white trucks with no place to go. I’m talking hundreds of trucks sitting there doing nothing and people I knew that sell trucks were telling me their dealerships were getting burnt. Then, here recently Celadon has been offering fairly unsustainable employment packages that are very difficult for someone like myself to compete with.

Frankly, I’m glad to see them go. They were a burden on small outfits like mine in the Indy area.

 

It’s official! We got QC messages that we have filed for bankruptcy and to get with our DM’s for plans to finalize current deliveries and return equipment and get home... OMG! I hate this

 

Man i been watching this thread for several hours of the past day. I just wanna say our family thoughts an prayers go out to you an yours an all the drivers affected by this. We wish an hope that all of you will make it home safe an sound an that you all will find better jobs without being out of work too long.