Celadon closing up shop!

I didn't just join today. I'm not here often, just stopped by today to see the Celadon news & noticed someone posted a nice & helpful gesture for drivers who could be hurting & I threw in my 2 cents to vouch for the company as I know that company very well. Then a know-it-all decided to run their mouth so here I am replying again

 

All the celadon drivers I ever talked to said their weekly paycheck was $400.
They just got a huge pay raise..they just don't know it yet..

 

Exactly.

 

My hourly rate is the same no matter what. Unless that changes, I’ll remain very content.

 

In 18 months they paid down $150 million in loans, $50 million in fees and $50 million in settlements. The underlying business seems to still be OK, the loan covenants are just too restrictive in an uncertain market:

They have to maintain $5 million in cash
They cannot keep more than $10 million cash on hand (excess must pay down debt).

When you have one of your biggest clients completely shut down for 50 days, it makes it hard to maintain that goldilocks cash position...

 

And don’t forget the right downs of previous years earnings because of securities and financial fraud by the previous executive group.
This current management group is not responsible for this, they were attempting to bail out a sinking ship.

 

and i'd still say to "jump sip now" the all the employee's...there are no guarantee's of a successful work thru bankruptcy and then what, have everyone stranded..??

nah, why take a chance on a failure soon to be, when they have already begun sinking?

not me, i'd had parked that truck this weekend, and got home.

 

What, ya think this is her fault?

 

Both of them?