|Bid||0.7915 x 100000|
|Ask||0.8231 x 100000|
|Day's Range||0.7879 - 0.7879|
|52 Week Range||0.6510 - 3.0600|
|Beta (3Y Monthly)||1.54|
|PE Ratio (TTM)||9.16|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Celadon Group (OTCPink: CGIP ) announced the eighteenth amendment to its credit facility which extended the maturity date and increased lending capacity. "The purpose of the amendment is to provide ...
In a panel discussion, "The Bull, the Bear and the Other Guy," moderated by FreightWaves President George Abernathy, insight was provided about the direction of the freight markets and how disruptors and technology will lead the way.
The fallout from Celadon's legal catastrophe continues to roil the world of freight. FreightRover, the Indianapolis-based freight financing firm providing factoring, insurance, load board and fleet management tools, has removed two key executives, CEO Eric Meek and COO Danny Williams, from its leadership team page. Meek was previously the president and chief operating officer of Celadon Group and Williams was president of Quality Companies, a Celadon subsidiary, during a nearly year-long period of accounting irregularities and securities fraud that lasted from June 2016 to April 2017.
Federal officials have ordered Celadon to pay shareholders $42.2 million in restitution after the company's stock plummeted in the wake of ongoing investigations into the company's past accounting practices. The U.S. Attorney for the Southern District of Indiana announced on April 25 that the Indianapolis-based truckload and cross-border carrier entered into a deferred prosecution agreement (DPA) with the U.S. Department of Justice (DOJ) on April 24, as part of a criminal case charging the company with securities fraud. DOJ officials said the case centered on the fact that Celadon had knowingly filed false and misleading statements to investors, and had also falsified books and accounting records to inflate the value of assets involved in four equipment transactions.
Celadon Group, Inc. announced that it sold its freight brokerage and managed transportation business, Celadon Logistics, to TA Services, the asset-light division of P&S Transportation on April 16. Two weeks ago, Celadon sold its subsidiary companies A&S Kinard and Buckler Transport to Day & Ross Freight. "The sale of Logistics marks another important milestone in executing our strategic plan to simplify our business and reduce debt," said Celadon CEO Paul Svindland in a statement.
Celadon Group, Inc. (OTCMKTS: CGIP) announced late this afternoon that it "has disposed of its A&S Kinard and Buckler Transport subsidiaries" in an all cash transaction that was effective on March 31. Celadon also announced it had entered into a Fifteenth Amendment to its credit facility. According to a Celadon press release, the sale is a continuation of its strategic plan to "streamline operations, reduce total debt and focus on its core business." The companies were purchased by Day & Ross Freight, a subsidiary of McCain Foods Limited. Through its subsidiaries, Indianapolis-based Celadon provides long-haul, regional, local, dedicated, intermodal, temperature-protect and expedited freight service across the United States, Canada and Mexico.
Freight levels have dropped from last year, but panelists at the ACT Research conference this week said they have simply returned to more normal levels. For two days, attendees at the ACT Research Seminar 60 in Columbus, Indiana, heard mixed signals on the economy and specifically the freight environment. Is the freight environment as good as it was last year?