Celadon Group sets procedures for sale of remaining company assets

By Caroline Salls

Pittsburgh, Dec. 16 – Celadon Group, Inc. requested court approval of the bid procedures for the proposed sale of its remaining assets, according to a motion filed Saturday with the U.S. Bankruptcy Court for the District of Delaware.

If the company designates one or more stalking horse bidders, the motion said it would pay those bidders a 3% break-up fee and up to 1.5% expense reimbursement if they are not ultimately the winning bidders.

Celadon said its remaining assets include various business units in the United States, Canada and Mexico, tractors, trailers and other rolling stock, leases and other assets related to the operation of its businesses, other than owned real estate.

Bids for some or all of the assets are due by Jan. 13.

An auction will be held on Jan. 15, if necessary. Bids at auction must be made in minimum increments of 0.5%.

The company is proposing a Jan. 21 sale hearing date.

Celadon provides long haul, regional, local, dedicated, intermodal, temperature-protect and expedited freight service and is based in Indianapolis. The company filed bankruptcy on Dec. 9 under Chapter 11 case number 19-12606.

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