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 At least a dozen transportation safety rules under development or already adopted were repealed, withdrawn, delayed or put on the back burner during Trump’s first year in office.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.
CEO Paul Svindland is recovering at home following surgery last week to remove a benign brain tumor, the Indianapolis-based trucking company said Tuesday.
Cummins CEO Tom Linebarger says a practical, targeted approach will work better than “carpet-bombing” China with escalating tariffs.
A proposed fee increase on heavy-duty commercial vehicles that use the Indiana Toll Road was negotiated without legislative involvement and with considerable secrecy, according to some Indiana lawmakers.
Amid heavy demand for truckers, Walmart wants to reduce its driver hiring process from 70 days to 30, and pilot programs to do that are under way in Indianapolis and the company’s hometown of Bentonville, Arkansas.
Companies like Tesla Inc. predict battery-powered trucks will soon be ready for the long-haul market. But Indiana-based engine maker Cummins Inc. thinks electric vehicles are more suitable for shorter ranges.
The blaze destroyed seven 20-ton dump trucks valued at more than $1 million.
The Indianapolis-based trucking company said the probe by the Criminal Division of the United States Department of Justice is related to financial reporting issues that it first disclosed in May 2017.