Major Indiana trucker files for bankruptcyDecember 10, 2019
By The Associated Press
INDIANAPOLIS — An Indiana trucking company with nearly 4,000 employees said Monday it filed for bankruptcy and will shut down all operations, just days after two former officials were charged in a fraud scheme.
Celadon Group has faced significant costs related to a federal investigation and also must deal with debt and “enormous challenges" in the industry, chief executive Paul Svindland said in a statement.
William Meek, 39, and Bobby Lee Peavler, 40, were indicted on conspiracy and other charges. They knew the value of a substantial portion of Celadon’s trucks had declined and that many trucks had serious mechanical issues that made them unattractive to drivers, according to the indictment.
Earlier this year, Celadon agreed to pay $42.2 million to settle securities fraud allegations stemming from falsely reporting profits and assets.
Celadon said it was the largest provider of international truckload services in North America.
“We have diligently explored all possible options to restructure Celadon and keep business operations ongoing. However, a number of legacy and market headwinds made this impossible to achieve," Svindland said.
More on DuboisCountyHerald.com
A competitive jazz program launched at Forest Park after kids returned from winter break earlier...
A new gymnasium is on its way to Northeast Dubois High School.
John Tretter is home. And he’s ready for a challenge. Tuesday morning, the Huntingburg man was...
He had a dream. On Sunday, Dubois County residents remembered it.
Jasper native Shalyn Grow marked an item off her acting bucket list last year. The 2013 Jasper...
Life can be chaotic and messy for the Villarreal family, but they get by with their love for one...
The Jasper Strassenfest Committee revealed the logo and button design Friday for this year's...
Crossroads Behavioral Health in Huntingburg has been closed, but will reopen in the next couple...