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Bankrupt Celadon sells Mexican business for more than $6 million

Shuttered mega-carrier Celadon entered into an agreement to sell their Mexican assets for over $6 million.

On June 11, 2020, Jaguar Transport Inc. bid $6.8 million to acquire Celadon’s Mexican assets via an online auction, according to court documents filed in the U.S. Bankruptcy Court for the District of Delaware.

The $6.8 million sum was adjusted down to $6.1 million after a June 12 stock and asset purchase agreement. Per the agreement, Jaguar Transport will assume Celadon’s liabilities associated with their Chapter 11 filings.

The assets purchased include Celadon Mexicana and Jaguar Logistics and Leasing Services. Included in the purchase are Celadon’s terminal in Nuevo Laredo, five International ProStar Class 8 trucks, and 75 trailers.

P.A.M. Transportation Services and White Willow Holdings also attempted to purchase Celadon’s Mexican assets, but both deals fell through.

Celadon filed for Chapter 11 bankruptcy on December 9, 2019 and immediately announced that they would shut down operations. Around 4000 Celadon workers, many of them drivers, were suddenly laid off just weeks before the holidays.

Jaguar Logistics also reportedly shut down for a time around the bankruptcy announcement but appears to have resumed operations of a fleet of 70 trucks.

The bankruptcy and closure news came just days after the Department of Justice (DOJ) announced that two former executive officers with Celadon would face charges related to fraud and lying to investors.

Earlier in 2019, Celadon agreed to pay $42.2 million in restitution to shareholders for “filing materially false and misleading statements to investors and falsifying books, records and accounts.”

Celadon was founded in 1985 and was the largest provider of international truckload services in North America, operating 3,300 tractors and 10,000 trailers at the time of the bankruptcy.

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