Celadon Bankruptcy Imminent

Topic 27171 | Page 1

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JuiceBox's Comment
member avatar

Just curious if there are any celadon drivers here and if the rumors of bankruptcy are true for celadon?

Robert B. (The Dragon) ye's Comment
member avatar

I don't anymore but still have friends who do and it's very true. They're being told to fill their tanks so they can get home next week. FedEx stopped booking loads with them over fears of stranded trailers and they've already contacted customers making them aware of the stopped service.

All hail greed and mismanagement.

JuiceBox's Comment
member avatar

I don't anymore but still have friends who do and it's very true. They're being told to fill their tanks so they can get home next week. FedEx stopped booking loads with them over fears of stranded trailers and they've already contacted customers making them aware of the stopped service.

All hail greed and mismanagement.

Crazy. Right before Christmas too. I truly feel bad for their drivers and office staff.

Errol V.'s Comment
member avatar

I had to look this up. Yup, it's true. So is the "greed and mismanagement":

Two former top executives at Indianapolis-based trucking and transportation company Celadon Group Inc. have been indicted for their roles in an alleged fraud scheme that federal prosecutors say cost the publicly traded company's shareholders more than $60 million.

This from the Indianapolis Star

Robert B. (The Dragon) ye's Comment
member avatar

When Steve Russell passed, the upper management went crazy and it led to the SEC investigation and fines. They never really recovered and the mismanagement continued. It's a shame too because I met Mr Russell on several occasions when I worked for freightliner and he truly was a great individual.

Cece's Comment
member avatar

What happens to all those drivers?

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
PJ's Comment
member avatar

Well history repeats itself. 4 years ago the CEO ran off on Christmas Eve after he knew he was fixing to be charged. They have tried to recover, but I guess they really haven’t. It is a shame they were one of the companies on a fast track.

Robert B. (The Dragon) ye's Comment
member avatar

What happens to all those drivers?

They'll wind up finding a driving position somewhere else. Hirschbach has already offered free bus tickets to drivers who get stranded, whether they apply with them or not.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
Sid V.'s Comment
member avatar

The slowdown in trucking in the last year and a half is probably going to keep claiming mid to large companies as their contracts make their way into the ulta cheap spot market.

If there are any drivers by Morris, IL that need help getting somewhere, let me know.

Robert B. (The Dragon) ye's Comment
member avatar

Someone just created a Facebook page specifically to help Celadon drivers find new positions.

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