Nomad1
Forum
Celadon bankruptcy, biggest in truckload history, expected by midweek (with video)
The billion-dollar truckload carrier's failure is one of the largest in industry history.
www.freightwaves.com
Celadon Bankruptcy
- Thread starter Nomad1
- Start date
www.freightwaves.com
Electric Chicken
Well-Known Member
I wish I was ready. I smell cheap trucks coming to market. What I see running around here looks pretty clean.
Nomad1
Forum
You can probably go to a truckstop and buy a few parts cheap today. I bet load locks and passenger seats are on sale as soon as drivers get word of this.I wish I was ready. I smell cheap trucks coming to market. What I see running around here looks pretty clean.
Electric Chicken
Well-Known Member
Haha no doubt. Too bad it wasn't weeks ago. Coulda got a set of shocks.
ironpony
Professional Pot-Stirrer
Maybe. More than likely they'll be sold... the real value is their freight contracts. Equipment? Probably only junk will hit the market - if they're out of money, maintenance will have been neglected for some time.I wish I was ready. I smell cheap trucks coming to market. What I see running around here looks pretty clean.
Electric Chicken
Well-Known Member
They're out of money because their former execs stole from them.
I agree someone will probably buy them. Whether they keep the company intact or slap new stickers over the old name, I don't know. But if they have good contracts, someone will swoop in. It's certainly easier and cheaper to just buy what's there than start fresh with the customers.
Electric Chicken
Well-Known Member
Having said that, they really don't know how much money they have. The article is fearmongering a bit because Chapter 11 isn't shutdown. It's a hold on debts so they can figure out where they stand.
It's possible to come out of a Chapter 11 alive and kicking and continue on.
Will they? I dunno. But companies have done it before.
It's possible to come out of a Chapter 11 alive and kicking and continue on.
Will they? I dunno. But companies have done it before.
ironpony
Professional Pot-Stirrer
Trucking companies don't have a great history at that.
Electric Chicken
Well-Known Member
True but this is the corporate type rather than Billy Bob's Haulage with the wife as CFO and Uncle Ricky as safety manager.
They're fairly large and they have people. I don't know their business but I'm of the opinion they were doing okay before they got swindled. If the contracts are solid and reasonably profitable they might have a chance. All depends on just how damaging the scam was.
well, IF any of those drivers are smart, they'll start booking flights, trains, buses, to get home.
just as soon as those fuel cards get shut off, bail out of the truck, no matter where you park it, screw them.....
self preservation first and foremost.
some if not all those employee's, may not see thier final paychecks any way's..
ironpony
Professional Pot-Stirrer
Not to mention getting screwed out of lease-purchases.
Arrow wasn't some "Billy Bob's Haulage with the wife as CFO and Uncle Ricky as safety manager."
i say, "bail out now", there are other jobs out there, and at least, not be stranded far from home, with no fuel card.
Electric Chicken
Well-Known Member
Yeah I'd top off then head for home. Unless the customer wants to pay me directly for delivery, and fuel to drop THEN get home. They can have their stuff. But it's gonna be a drop not a live.
Electric Chicken
Well-Known Member
Yeah I didn't say they'll definitely come out of it intact.
saddlesore
Well-Known Member
They have been in financial trouble for several years, including a rather hefty fine ($42 million?) recently..
Also the COO & CFO were arrested Thurs. on a multitude of charges... Really reminds me of that outfit named Charger..that went bust due to the same (cutting the rates & cooking the books to hide the financial losses) issues....
Also the COO & CFO were arrested Thurs. on a multitude of charges... Really reminds me of that outfit named Charger..that went bust due to the same (cutting the rates & cooking the books to hide the financial losses) issues....
Rigjockey
In Gord we trust!
Auto Parts was what they hauled most so, ya they have some big customers.
Rigjockey
In Gord we trust!
You could take over.
This is your big chance at going independent.
You just need a bank loan.
Electric Chicken
Well-Known Member
Lmao.
Lemme call my credit union. They should be able to spot me a couple billion. Ain't missed a payment on my dually yet.
Rigjockey
In Gord we trust!
And let your credit union call security.
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