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Celadon Group
Celadon Group, Inc. was a truckload shipping company located in Indianapolis, Indiana. It was one of the ten largest truckload carriers in North America and at its peak operated 4,000 trucks and owned an additional 11,000 trucks through Quality Equipment, its leasing division.
On December 8, 2019, Celadon Group, Inc. and 25 affiliates filed for bankruptcy protection with the intent to fully dissolve the business. Primary business unit Celadon Trucking as well as two subsidiaries, Jaguar Transportation and Hyndman Transport, were shut down in December 2019 while the final subsidiary, Taylor Express, continued operating and was sold in January 2020 to White Willow Holdings.
Celadon was founded in 1985 by Stephen Russell and Leonard Bennet. Initially, the company hauled automotive parts to a Mexican Chrysler plant using leased tractors and trailers. The company's name was chosen by Russell as a reference to the Celadon style of Chinese pottery.
The company went public via an IPO in 1994 and was listed on the New York Stock Exchange (NYSE) in 2009.
In 2013 Celadon acquired Lakeland, Florida-based dry van carrier Land Span which had been founded in 1932. Land Span was operated as a wholly owned subsidiary of Celadon. In 2015, the company acquired Taylor Express, a Hope Mills, North Carolina trucking company founded in 1987 for $43 million.
On May 1, 2017 the company announced that COO Eric Meek had resigned after auditor BKD, LLP had determined that the financial statements for the 2016 fiscal year “should not be relied upon.” On May 8, the New York Stock Exchange informed the company that it had failed to meet the exchange's listing standard and the company's stock could be delisted in six months. The noncompliant financials put Celadon into default with its lenders. The company reached a new credit deal with Bank of America on July 3 after agreeing to a host of operating and reporting restrictions. CEO Paul Will announced his retirement on July 13.
The NYSE suspended trading of Celadon's stock in April, 2018 and moved to remove its listing following an internal investigation which would require Celadon to restate financial results back to 2014. Subsequently, it was found that the errors were the result of a series of trades of aging and unused trucks using invoices with deliberately inflated values to intentionally hide significant losses from its investors.[citation needed]
In April 2019, Celadon sold its logistics division, Celadon Logistics, to TA Services, a Mansfield, Texas-based division of PS Logistics. Celadon Logistics would run independently for the first 6 months then be folded into TA Logistics.
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Celadon Group
Celadon Group, Inc. was a truckload shipping company located in Indianapolis, Indiana. It was one of the ten largest truckload carriers in North America and at its peak operated 4,000 trucks and owned an additional 11,000 trucks through Quality Equipment, its leasing division.
On December 8, 2019, Celadon Group, Inc. and 25 affiliates filed for bankruptcy protection with the intent to fully dissolve the business. Primary business unit Celadon Trucking as well as two subsidiaries, Jaguar Transportation and Hyndman Transport, were shut down in December 2019 while the final subsidiary, Taylor Express, continued operating and was sold in January 2020 to White Willow Holdings.
Celadon was founded in 1985 by Stephen Russell and Leonard Bennet. Initially, the company hauled automotive parts to a Mexican Chrysler plant using leased tractors and trailers. The company's name was chosen by Russell as a reference to the Celadon style of Chinese pottery.
The company went public via an IPO in 1994 and was listed on the New York Stock Exchange (NYSE) in 2009.
In 2013 Celadon acquired Lakeland, Florida-based dry van carrier Land Span which had been founded in 1932. Land Span was operated as a wholly owned subsidiary of Celadon. In 2015, the company acquired Taylor Express, a Hope Mills, North Carolina trucking company founded in 1987 for $43 million.
On May 1, 2017 the company announced that COO Eric Meek had resigned after auditor BKD, LLP had determined that the financial statements for the 2016 fiscal year “should not be relied upon.” On May 8, the New York Stock Exchange informed the company that it had failed to meet the exchange's listing standard and the company's stock could be delisted in six months. The noncompliant financials put Celadon into default with its lenders. The company reached a new credit deal with Bank of America on July 3 after agreeing to a host of operating and reporting restrictions. CEO Paul Will announced his retirement on July 13.
The NYSE suspended trading of Celadon's stock in April, 2018 and moved to remove its listing following an internal investigation which would require Celadon to restate financial results back to 2014. Subsequently, it was found that the errors were the result of a series of trades of aging and unused trucks using invoices with deliberately inflated values to intentionally hide significant losses from its investors.[citation needed]
In April 2019, Celadon sold its logistics division, Celadon Logistics, to TA Services, a Mansfield, Texas-based division of PS Logistics. Celadon Logistics would run independently for the first 6 months then be folded into TA Logistics.