Celadon Group of Indianapolis reached an agreement to sell Taylor Express, the only remaining
operational part of the trucking company, to White Willow Holding of Newfields due to
bankruptcy. The company’s property had initially been put up for auction but was later
withdrawn since there was a willing buyer. The company is to go at $14.5 million, nothing near
what it was acquired for, $43 million, back in 2015.

Celadon shut down officially filing for bankruptcy on Dec 9 th . Taylor is claimed to have
remained in operation to help curb Celadons' millions of debts. White Willow Holding is
financially supported by Luminus Management, who invested more than $160 million in
Celadon, inclusive of settling some debts in an effort of salvaging the company. Some Celadon
members were charged with securities fraud, bank fraud and lying to auditors on December 6 th ,
shortly before declaring bankruptcy. Celadon had earlier agreed to pay $44.2 million to cover
federal charges and settle claims of having filed false financial reports, which would be costly to
the shareholders.

FMCSA report showed that Celadon had 170 power units and 161 drivers on their payroll.
Celadon had been advised to file a proposed form of order with the bankruptcy court to
smoothen the sale. Stuart Brown, a bankruptcy attorney said that they were hopeful the sale
would close as soon as possible on the judge’s approval.

A lawsuit is reported to have been filed against Celadon for having breached a contract they had
with TA Dispatch of Ensley. Celadon failed to give back $6.2 million to TA Dispatch of Ensley,
in a sale of their transportation and freight brokerage business in April 2019, for $60 million, as
an effort to stay in business, according to CEO Paul Svindland. Celadon was to share IT resources with TA as they continue to serve their customers and share revenue, for a smooth transition.

In addition to trucks, equipment, and real estate, Celadon is also selling four Andy Warhol
screenprints to Melissa and Matthew Rubel for $105,000. The company is also selling buildings
amongst other assets as a part of the liquidation.