Celadon Group Inc. and its affiliate entities have filed for bankruptcy under chapter 11 of the U.S. bankruptcy code, and will shut down its business operations effective today, the Wall Street Journal reported. The shutdown, however, doesn’t include the Taylor Express business based in Hope Mills, N.C., which will continue to operate while Celadon explores a going concern sale of its operations, the trucking company said. “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,” Paul Svindland, chief executive officer of Celadon, said in the statement. Celadon in August engaged the former leader of trucking giant Swift Transportation Co. to help overhaul its truckload division after securing $165 million of new financing for its turnaround efforts.
