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Celadon emerges after FRAUD CASE with a brand new 165 million greenback mortgage 2019



Trucker Celadon Gets $165 Million in New Financing A loan included in the package includes rights for an unnamed shareholder to buy a roughly 49.9% stake in the truckload carrier

Trucking company Celadon Group Inc. has received $165 million in new financing that the company said will help its turnaround efforts.

An unidentified shareholder is providing part of the debt and could snag as much as a 49.9% stake as a result.

The shareholder is set to receive warrants to buy 16 million common shares that are exercisable immediately as part of the deal. Fully exercised, the warrants would account for about a third of the company’s fully diluted equity and would give the lender a roughly 49.9% stake in the company, Celadon said.

The new financing includes a $105 million in term loans and a revolving credit facility of $60 million.

https://www.google.com/amp/s/www.wsj.com/amp/articles/trucker-celadon-gets-165-million-in-new-financing-11564687066

#celeadon #trucking #freightrates

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30 Comments

  1. Celedon just acquired Osborne. And I’m going to bet they have to move and lay off their employees in the Attala location. How does a failing company keep doing business as if their striving and doing well?

  2. I'm with Western Flyer Express and I'm happy where I'm at. I've already worked for Celadon back in 2015 and the Owner Jonathan Russell is a complete jackass and a total idiot. The leasing company is a dumbass as well and in reality that they won't tell you to your face, CELADON OWNS the lease company. If anyone works for Celadon, I have 1 word for them….. RUN !!!!!

  3. I drove for Celadon and did very well in their Texas Regional fleet. If it wasn't for miscommunication between departments i'd still be there. It's nice they're getting the '20 579 Ultralofts, but, securing loans to pay off other loans is a good way to run out of business quick if they can't make it all back in revenue especially with the way companies are going under and especially with whats going on with USA Truck recently

  4. I would say if it was 2017-2018 they might have a chance to turn the company around. But with the massive influx of O/O in the last couple years I would say they will probably shut their doors in the next 1-1.5 years. Because of the abundance of O/Os the rates will continue to drop until we get a breaking point 10-15% of the companies and O/O.

  5. I personally wouldn’t work for a company of this size. “Preference “ they’ve obviously made some bad decisions with who the have hired in the corporate office to run the company. With the right team I’m sure they could pull through, getting money from other sources is always tricky. Curious who that unnamed source is!!

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