Celadon shuttering operations, announced Monday via trucking’s largest Chapter 11 bankruptcy filing to-date, is expected to displace thousands of drivers as the company winds down in the weeks ahead, but it also means pulling more than 3,000 trucks and tractors – and nearly 10,000 trailers – off the highway.
Those trucks – at least how they were accounted for by prior administrators – were among the factors cited by Celadon CEO Paul Svindland for the company’s demise.
The New York Stock Exchange halted trading of Celadon stock in mid-2017 when the Indianapolis-based company pulled required financial filings after an independent auditor found discrepancies in its financial reports.
It is possible that many of Celadon’s soon-to-be parked trucks never see the open market.
Used truck depreciation to level off toward the second quarter of 2020, but he added there is still some devaluation to work through before the industry hits the pricing low point set in late 2016.
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