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.
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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.
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The Warhol screen prints, four brightly colored pieces depicting tractor trailer trucks, hung in the trucking company’s corporate offices.
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Most of Celadon’s real estate holdings in Indianapolis are on the east side, where available industrial land is in short supply. So, observers say, the anticipated divestiture should attract plenty of attention.
Read MoreJudge 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.
Plans call for the 55-year-old truck dealer to add a new dealership and training center on the east side of Indianapolis and expand its existing operations on the west side.
The announcement marks the latest in a series of steps the Columbus-based engine maker has taken in recent years to diversify its offerings in alternative-energy power systems.
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.
Holcomb signed an executive order meant to speed up deliveries to retailers, which are running short of supplies, by lifting regulations on the number of hours that commercial drivers can work.
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.
Volkswagen has offered to buy the rest of Navistar International Corp. to secure a bridgehead in the U.S. heavy-truck market and step up its challenge to Daimler and Volvo.
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.
The fastest-growing company in the Indianapolis area is making plans for more growth throughout the state.
The move has been long sought by the trucking industry but opposed by safety advocates who warn it could lead to more highway crashes.
Celadon CEO Paul Svindland said the financing would provide “a solid platform for the next stage of our business turnaround.”
In addition to increasing pay, trucking companies are trying to recruit more women, young people and former military personnel.
President Donald Trump has made rolling back layers of regulatory oversight a top priority. At least a dozen transportation safety rules under development or already adopted were repealed, withdrawn, delayed or put on the back burner during Trump’s first year in office.
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 said the divestitures are part of its larger plan to streamline operations and reduce its debt load.
The acquisition creates a local logistics company with about 130 employees and annual revenue of about $145 million.
