Eagle Logistics (Celedon imprint) did that also. You could only fuel at Pilot/Flying J if I remember correctly. And I remember that their cards only worked at certain truck stops within the national chain, which I thought was odd. It was made clear during orientation that you didn't get a fuel discount. I quit after orientation, for several reasons. This being one of them.
Celadon on the ropes...
Discussion in 'Celadon' started by double yellow, May 3, 2017.
Page 43 of 72
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They expect to release audited financials at the end of 2018 or early 2019. Revenue per seated tractor grew from $3,107 to $3,619 for the May quarter, but the number of seated tractors declined from ~2,067 to ~1,775. Overall revenue remained flat at ~$83.5 million.
Celadon still owes "in excess of $350 million" in equipment loans and leases, which works out to about $200,000 per seated tractor. That is enough for a brand new tractor and 2 brand new dry vans per seated tractor, yet the equipment I see on the road is a few years old so they're obviously upside down on these loans/leases. Hopefully this is just left over from shutting down Quality leasing.
Celadon Group Announces Operations Update, Credit Agreement Amendment Term Sheet, and Termination of Previously Announced Term Loan Term Sheet
The stock is up over 10% since the announcement.x1Heavy, G13Tomcat, gentleroger and 4 others Thank this. -
Jon is working hard to recover the company from this fiasco! So far: as a company driver; I have only seen an increase in my pay this year; so, I’m still hanging with them!
x1Heavy, JOHNQPUBLIC, Majestic 670 and 3 others Thank this. -
Some reiteration of what’s already been posted...with some other gleanings. Good on you who kept stock
Celadon's financing plan scrapped by DOJ investigation, but its operating numbers are on the way upx1Heavy, double yellow, Bean Jr. and 1 other person Thank this. -
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200K per tractor with a human in it?
1750 tractors comes to 350 Million.
If I was the boss sitting in the ivory tower today pondering this debt problem, I will take 3000 tractor and trailers if need be, sell them
Then reassess the debt.laaylor Thanks this. -
x1Heavy Thanks this.
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x1Heavy Thanks this.
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