Celadon Group Inc., a trucking company with 13,300 tractors and trailers, plans to wind down its global operations following a fraud penalty and falling freight rates over the last year.
The company’s bankruptcy petition, filed Monday in Delaware, lists $427 million of debt and $391 million of assets. With the exception of Celadon’s Taylor Express business, remaining units owned by the company will cease operations and wind down during the Chapter 11 cases. The trucker serves retailers including Lowe’s Cos. Inc., Walmart Inc., Procter & Gamble Co. and Philip Morris International Inc.
In April, Celadon agreed to pay ...
