Freight Waves – by John Paul Hampstead
This morning, Celadon Group (OTC: CGIP) executives told its employees that the company filed for bankruptcy protection under Chapter 11 and will shut down the operations of its over-the-road fleet. The official announcement came after a chaotic weekend of credit, customer, and driver issues when word got out about Celadon’s impending Chapter 11 bankruptcy filing.
Employees were instructed to come to a meeting at the corporate headquarters in Indianapolis to be held this morning. But then in the middle of the night, fleet-wide messages went out to drivers’ telematics devices: (See them here.) Continue reading “Celadon Group makes bankruptcy official, shuts down after 34 years”
