Celadon sets procedures for sale of Taylor Express debtor assets

By Caroline Salls

Pittsburgh, Dec. 11 – Celadon Group, Inc. requested court approval of the bid procedures for a proposed sale of the assets of Taylor Express, Inc., according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

If Celadon selects a stalking horse bidder for the Taylor Express assets, the proposed procedures would allow it to offer bid protections to that potential buyer in the form of a 3% break-up fee and reimbursement of up to 1.5% of the bidder’s sale-related expenses.

Competing bids must exceed any stalking horse bid by at least $100,000, plus the amount of the break-up fee and expense reimbursement.

Bids 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 $100,000.

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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