What happened to Comcar?
Comcar Industries announced May 17 it is filing for Chapter 11 bankruptcy protection and plans to sell its five operating companies as part of the legal process. According to the filing, the company lost $25 million last year and $6 million this year through early March. …
Who bought Comcar Industries?
TFI International is acquiring “substantially all the assets” of Comcar subsidiaries MCT Transportation and CT Transportation, according to two press releases Monday. TFI paid $9.6 million for acquired MCT Transportation assets, including accounts receivable, and $2.8 million for two real estate properties.
What trucking companies does comcar own?
Florida-based Comcar Industries, Inc. (CI), which owns trucking companies such as CT Transportation, MCT Transportation, and Willis Shaw Express, filed Chapter 11 bankruptcy on Sunday, May 17.
What did Celadon transport?
Primary business unit Celadon Trucking as well as two subsidiaries, Jaguar Transportation and Hyndman Transport, were shut down in December 2019 while the final subsidiary, Taylor Express, continued operating and was sold in January 2020 to White Willow Holdings….Celadon Group.
| Type | Public |
|---|---|
| Total equity | US$381.015 million (2016) |
Why trucking companies are closing?
A Shortage of Qualified Drivers As a trucking company has fewer drivers available to them to move freight for their customers, the less they can scale business. And in the worst cases, possibly be forced to close their doors.
Who took over Celadon Trucking?
IndyGo
Celadon Group Inc.’s former Indianapolis headquarters has been sold a little more than a year after the trucking company filed for bankruptcy. IndyGo purchased the Celadon site at 9503 E. 33rd St., on the city’s east side for $3 million, according to documents filed in a U.S. Bankruptcy Court in Delaware.
Is Celadon Trucking going out of business?
The largest ever trucking sector bankruptcy, Celadon abruptly shut down — leaving more than 3,000 drivers jobless and in many cases stranded with their rigs — amid an accounting scandal that prosecutors say cost shareholders $60 million. …
Are trucking companies shutting down?
According to FreightWaves, in the first half of 2019, 640 freight companies have shut down. On average, the companies had around 30 drivers, resulting in over 20,000 trucks being removed from the roads. In all of 2018, 310 trucking companies closed down.
Why did Celadon Trucking go out of business?
Thousands of truck drivers suddenly found themselves jobless — many of them stranded mid-route — after Celadon Group abruptly filed for Chapter 11 protection this week and halted operations, just days after two former executives were charged with securities fraud.
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