With most liquidation efforts complete, Celadon has raised only $75 million—$45 million short of the $120 million it needed to satisfy a loan from its secured creditors.
IndyGo adds two sites to list of possible property purchases
IndyGo has been evaluating possible expansion sites around the city in recent months because it has run out of room at its West Washington Street headquarters.Read More
IndyGo considering purchase of former Celadon headquarters site
IndyGo is on the hunt for additional space because its staff and bus fleet have grown in recent years, making its current headquarters on West Washington Street too small for its needs.Read More
Celadon auctioning off equipment from east-side headquarters
Indianapolis-based Key Auctioneers will be handling the sale of office furniture, computers, truck parts and other items from Celadon’s east-side headquarters as the trucking company liquidates its assets in bankruptcy.Read More
Judge Jane Magnus-Stinson denied a request by former Celadon Group Inc. President William Meek to travel to a Mexican resort for a birthday celebration while he is awaiting trial on multiple fraud charges.
Prosecutors say the court should deny William Meek’s request to travel to Mexico for his birthday while he awaits trial on multiple fraud charges.
Two out-of-state financial services firms have acquired the assets of former Celadon Group Inc. affiliate 19th Capital Group in a deal that will allow the Indianapolis-based company to continue operating with a reduced workforce rather than shutting down as previously planned.
The Indianapolis-based asset financing and fleet management company notified state officials this week that it will permanently close its operations late next month, eliminating all of its employees.
The trucking firm won a temporary restraining order against the repo company on Thursday.
Celadon CEO Paul Svindland, who joined the company in 2017 and tried to turn around the troubled trucking company, is departing for a CEO job at another logistics company.
The Warhol screen prints, four brightly colored pieces depicting tractor trailer trucks, hung in the trucking company’s corporate offices.
If other bidders emerge for the property, an auction will be held Jan. 22 at the New York City office of Celadon’s bankruptcy counsel, DLA Piper LLP.
In the years after Celadon Group’s co-founder and longtime leader, Stephen Russell, retired and then died, the company went in new directions that led to financial problems and accusations of fraud. Podcast host Mason King talks with IBJ Editor Greg Andrews and reporter Susan Orr about Celadon’s rise and fall as well as what role the fraud allegations played in its demise.
Critics of Celadon management say a deep-seated, clubby culture helped propel the Indianapolis-based trucking giant toward financial ruin.
The company moved goods for many well-known companies, including Alcoa, General Electric, John Deere, Philip Morris, Procter & Gamble, Target and Walmart.
CEO Paul Svindland said challenges in the trucking industry, along with fallout from what prosecutors allege was a massive accounting fraud engineered by prior management, proved impossible to overcome.
In addition to numerous criminal charges, the former chief operating officer and chief financial officer of Indianapolis-based Celadon Group are facing a civil suit filed Thursday by the U.S. Securities and Exchange Commission.
Celadon CEO Paul Svindland said the financing would provide “a solid platform for the next stage of our business turnaround.”
The Justice Department’s April 25 press release—which announced Celadon had admitted to the fraud and agreed to pay $42 million in restitution—closes by noting that the investigation is ongoing.
The Indianapolis-based trucking company announced Friday that it has sold its intermodal operations to Winnipeg, Manitoba-based Bison Transport.
The Indianapolis-based trucking company admitted to “filing materially false and misleading statements to investors and falsifying books, records and accounts,” federal prosecutors said. One former executive also was charged with fraud.
The Indianapolis-based trucking company said the divestitures are part of its larger plan to streamline operations and reduce its debt load.