Celadon closing up shop!

Discussion in 'Truckers News' started by drvrtech77, Dec 7, 2019.

  1. drvrtech77

    drvrtech77 Road Train Member

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    One of the largest publicly-traded transportation companies in the United States, Celadon Group, is expected to file bankruptcy as soon as Sunday, December 8.

    Sources with direct knowledge of the situation told Transportation Nation Network (TNN) on Friday evening that the troubled Indianapolis, IN-based mega carrier will cease operations beginning Monday, December 9.

    Celadon began notifying customers on Thursday, December 5 the company would soon be filing bankruptcy and no longer be servicing accounts.

    TNN has confirmed this with multiple large Celadon customers as these customers are currently scrambling to secure needed capacity.

    A source with direct knowledge told TNN top Celadon executives are scheduled to meet Sunday afternoon to finalize the bankruptcy filing, which is expected to be official that evening “as close to midnight as possible.”

    Though sources indicate the company may file for protection under Chapter 11, it’s expected the company will ultimately liquidate its assets.

    While some Celadon executives have been told of the company’s impending demise, most employees have not been notified as of yet, TNN can confirm.

    The company’s more than 3,000 employees will likely be notified on Monday, multiple sources said.

    According to data from the Federal Motor Carrier Safety Administration (FMCSA), the trucking giant operates more than 2,700 power units and employs more than 2,500 drivers.

    However, a source tells TNN the latest driver count is approximately 1,800.

    Fuel cards are currently operational, but it is unclear when the cards will be deactivated or how many drivers will be left stranded.

    BREAKING: Mega Carrier Celadon Group to File Bankruptcy, Cease Operations
     
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  3. ibcalm19

    ibcalm19 Road Train Member

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    I see my friend just sent me that & a few of the top executives are being charged with fraud. It seems these big companies close around the holidays. I hope the people working can recover quickly for their families. They knew they were in trouble a few months ago. Let the people know so they can move & take care of their families.
     
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  4. drvrtech77

    drvrtech77 Road Train Member

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    The writing has been on the wall for quite some time now...if had been an employee, would've been looking months ago for a job..
     
  5. ibcalm19

    ibcalm19 Road Train Member

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    You are so right.
     
  6. rachi

    rachi Road Train Member

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    So their closing the doors on monday but haven't notified drivers yet. The other thread on here was from 2017 warning of problems ahead. Drivers should have took note. And then all those shippers getting notified right before Christmas. Maybe some owner operators can take advantage of this and hall some loads, especially out of Indianapolis.
     
    Last edited: Dec 7, 2019
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  7. CMBreen

    CMBreen Heavy Load Member

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    If any driver with Celadon is looking Crete Carrier will take you, also they can help with transportation if hired and in some cases have been known to help with transition pay. Message me if you'd like any info. Really sucks that they do this right before a major holiday .
     
    Rocks, O.Henry, thisisamazing and 6 others Thank this.
  8. Happily Retired

    Happily Retired Road Train Member

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    Everything is fine, who wants cookies?? Hmm, with all these carriers going bust, an O/O may have their pick of loads once again. Just terrible, big outfit like Celadon can't make it. Insurance and poor drivers, I bet, the freight has got to be there. Going to get a lot worse before it gets better.
     
  9. drvrtech77

    drvrtech77 Road Train Member

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    They got caught cooking the books
     
  10. buddyd157

    buddyd157 Road Train Member

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    fuel cards will be (or already have been) shut off.....
     
  11. Happily Retired

    Happily Retired Road Train Member

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    Big surprise, they have swanky lifestyles to uphold. There will be others, don't worry.
     
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