Celadon on the ropes...

Majestic 670 · Apr 5, 2018

You can't cook books then try to mess drivers around by starting eagle and quality hoping you can deduct (steal)the money from the drivers. Lets buy a whole bunch of trucks price them way high to offset the lies. Ponzi at best

Majestic 670 · Apr 5, 2018

To all Celedawn employee grab a roll of toilet paper because its gonna get real ####ty

Majestic 670 · Apr 5, 2018

Cheer leader loyal to a rotten company that say a lot about some people as long as they getting their little cut its great but think of the people who lost major money.

double yellow · Apr 5, 2018

laaylor said: ↑

Where do you see that? We’ve renegotiated with creditors and have been open with them about what’s going on.
Click to expand...

From the initial press release:

On March 30, 2018, the Company entered into an Eighth Amendment to its Amended and Restated Credit Agreement (the "Amendment"). The Amendment extended the existing financial covenant relief through April 30, 2018, with the principal purpose of permitting the Company and the revolving lenders to evaluate the recently received refinancing proposal. The Amendment also:

Provided additional exceptions to representations and warranties regarding the Company's financial statements to reflect the restatements addressed in this press release;

Changed the frequency of interest payments from quarterly to monthly;

Added a requirement that the lenders consent to most asset dispositions in excess of $50,000, and provided that the proceeds of any such asset dispositions will permanently pay down revolving borrowings;

Increased the value of real estate that can be included in the asset coverage ratio covenant to $85 million; and

Required the payment of approximately $2.6 million in previously accrued fees, extended the payment date for approximately $5.95 million in accrued fees to April 30, 2018, and imposed an amendment fee of $2.76 million, payable on April 30, 2018.

MysticHZ · Apr 5, 2018

laaylor said: ↑

We just got a $8 million dollar walmart contract.. we ar

??? Where do you see that? We’ve renegotiated with creditors and have been open with them about what’s going on. I know of a huge dedicated account we just signed on for: multimillion dollar contract; and the big guys don’t think as of now that we are going to have to go into Bankruptcy to reorganize.. After the audited financials are done maybe: but who knows??? You surely don’t. A lot of misinformation from a lot of people is what seems to be showing up here..
Click to expand...

That $8m contract Celedon signed ,would that be the contract Knight-Swift cancelled because it was unprofitable.

Army91W · Apr 5, 2018

Why are you so offended? They cooked the books out of pure greed. It is not an accident that a 33 year old company is on the ropes when the economy has never been better.

The executives mortgaged everything of value to expand. The results were not there ie profit so they cooked the books to claim huge bonuses until they could no longer hide the fact the company was broke.

Now they sit in their media rooms in their million dollar homes without a care in the world, while you're in your sleeper defending them.

We get it. You like working for them.

But if there was anything there the Knight-Swifts or Heartland Expresses of the world would of bought them by now.
The current execs have the best jobs in Indiana right now. They're getting paid a ton of money and if they fail they can blame it on the previous guys and if they succeed in keeping Celadon afloat then they're incredible business men. They don't lose regardless. But the drivers do.

laaylor said: ↑

We just got a $8 million dollar walmart contract.. we ar

??? Where do you see that? We’ve renegotiated with creditors and have been open with them about what’s going on. I know of a huge dedicated account we just signed on for: multimillion dollar contract; and the big guys don’t think as of now that we are going to have to go into Bankruptcy to reorganize.. After the audited financials are done maybe: but who knows??? You surely don’t. A lot of misinformation from a lot of people is what seems to be showing up here..
Click to expand...

Majestic 670 · Apr 5, 2018

Good night

drvrtech77 · Apr 6, 2018

laaylor said: ↑

We just got a $8 million dollar walmart contract.. we ar

??? Where do you see that? We’ve renegotiated with creditors and have been open with them about what’s going on. I know of a huge dedicated account we just signed on for: multimillion dollar contract; and the big guys don’t think as of now that we are going to have to go into Bankruptcy to reorganize.. After the audited financials are done maybe: but who knows??? You surely don’t. A lot of misinformation from a lot of people is what seems to be showing up here..
Click to expand...

If you claim to be a driver like you are how would you know the exact dollar amount of the contract ?.. simply put it's the beginning of the end of Celadon..

laaylor · Apr 6, 2018

spyder7723 said: ↑

A quick google search supports what scottie was saying. The lenders agreed to provide more money to keep cash flow available but only at very high monthly fees.

For the record my guess is they will pull through this. But i don't trust that guess enough to buy any more of their stock.
Click to expand...

Army91W said: ↑

Why are you so offended? They cooked the books out of pure greed. It is not an accident that a 33 year old company is on the ropes when the economy has never been better.

The executives mortgaged everything of value to expand. The results were not there ie profit so they cooked the books to claim huge bonuses until they could no longer hide the fact the company was broke.

Now they sit in their media rooms in their million dollar homes without a care in the world, while you're in your sleeper defending them.

We get it. You like working for them.

But if there was anything there the Knight-Swifts or Heartland Expresses of the world would of bought them by now.
The current execs have the best jobs in Indiana right now. They're getting paid a ton of money and if they fail they can blame it on the previous guys and if they succeed in keeping Celadon afloat then they're incredible business men. They don't lose regardless. But the drivers do.
Click to expand...

too bad some of you just go on what sound bites you get in here... everyone involved in this mess was fired and is no longer with us. When this all came to light Steve’s son came back into the company and took it back over.. I’m not at all offended: i don’t really care what any of you care

scottied67 · Apr 6, 2018

What's happening right now is an 11th hour desperate rush to put as much lipstick on the pig (Celadon) so they can sell it and have the new owners take over the debt.

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