Celadon Bankruptcy

Nomad1

Forum
Supporter
I wish I was ready. I smell cheap trucks coming to market. What I see running around here looks pretty clean.

👳
You can probably go to a truckstop and buy a few parts cheap today. I bet load locks and passenger seats are on sale as soon as drivers get word of this.
 

ironpony

Professional Pot-Stirrer
Supporter
I wish I was ready. I smell cheap trucks coming to market. What I see running around here looks pretty clean.

👳
Maybe. More than likely they'll be sold... the real value is their freight contracts. Equipment? Probably only junk will hit the market - if they're out of money, maintenance will have been neglected for some time.
 

Electric Chicken

Well-Known Member
Supporter
Maybe. More than likely they'll be sold... the real value is their freight contracts. Equipment? Probably only junk will hit the market - if they're out of money, maintenance will have been neglected for some time.
They're out of money because their former execs stole from them.

I agree someone will probably buy them. Whether they keep the company intact or slap new stickers over the old name, I don't know. But if they have good contracts, someone will swoop in. It's certainly easier and cheaper to just buy what's there than start fresh with the customers.
 

Electric Chicken

Well-Known Member
Supporter
Having said that, they really don't know how much money they have. The article is fearmongering a bit because Chapter 11 isn't shutdown. It's a hold on debts so they can figure out where they stand.

It's possible to come out of a Chapter 11 alive and kicking and continue on.

Will they? I dunno. But companies have done it before.
 

Electric Chicken

Well-Known Member
Supporter
Trucking companies don't have a great history at that.
True but this is the corporate type rather than Billy Bob's Haulage with the wife as CFO and Uncle Ricky as safety manager.

They're fairly large and they have people. I don't know their business but I'm of the opinion they were doing okay before they got swindled. If the contracts are solid and reasonably profitable they might have a chance. All depends on just how damaging the scam was.
 

GAnthony

Methuselah
Supporter
You can probably go to a truckstop and buy a few parts cheap today. I bet load locks and passenger seats are on sale as soon as drivers get word of this.
well, IF any of those drivers are smart, they'll start booking flights, trains, buses, to get home.

just as soon as those fuel cards get shut off, bail out of the truck, no matter where you park it, screw them.....

self preservation first and foremost.

some if not all those employee's, may not see thier final paychecks any way's..
 

ironpony

Professional Pot-Stirrer
Supporter
well, IF any of those drivers are smart, they'll start booking flights, trains, buses, to get home.

just as soon as those fuel cards get shut off, bail out of the truck, no matter where you park it, screw them.....

self preservation first and foremost.

some if not all those employee's, may not see thier final paychecks any way's..
Not to mention getting screwed out of lease-purchases.

Arrow wasn't some "Billy Bob's Haulage with the wife as CFO and Uncle Ricky as safety manager."
 

GAnthony

Methuselah
Supporter
Not to mention getting screwed out of lease-purchases.

Arrow wasn't some "Billy Bob's Haulage with the wife as CFO and Uncle Ricky as safety manager."
i say, "bail out now", there are other jobs out there, and at least, not be stranded far from home, with no fuel card.
 

Electric Chicken

Well-Known Member
Supporter
well, IF any of those drivers are smart, they'll start booking flights, trains, buses, to get home.

just as soon as those fuel cards get shut off, bail out of the truck, no matter where you park it, screw them.....

self preservation first and foremost.

some if not all those employee's, may not see thier final paychecks any way's..
Yeah I'd top off then head for home. Unless the customer wants to pay me directly for delivery, and fuel to drop THEN get home. They can have their stuff. But it's gonna be a drop not a live.
 

saddlesore

Well-Known Member
They have been in financial trouble for several years, including a rather hefty fine ($42 million?) recently..
Also the COO & CFO were arrested Thurs. on a multitude of charges... Really reminds me of that outfit named Charger..that went bust due to the same (cutting the rates & cooking the books to hide the financial losses) issues....
 
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