Celadon continues to refinance, replace personnel

INDIANAPOLIS, IN – Embattled Celadon Group is adding more changes in its efforts to refocus amid an investigation by the Securities and Exchange Commission in the United States.

The group made two announcements last week including the appointment of Vincent Donargo as the new vice president and Chief Accounting Officer, effective Nov. 30.

Celadon said Donargo brings with him over 30 years of accounting and financial leadership experience, including serving as the executive vice president and chief financial officer of Beaulieu Group, a North American carpet and flooring manufacturing company, before taking on his new position.

“We are pleased to add Vince to the Celadon team and are glad to have reached a conclusion to our search for a Chief Accounting Officer,” said Thom Albrecht, Chief Financial and Strategy Officer. “Vince’s deep expertise in accounting and financial matters will be invaluable to the Company and we look forward to his contributions.”

Celadon also announced it has satisfied the requirements of its sixth amendment to its current agreement with creditors.

The amendment required that the company obtain non-binding letters of intent from prospective lenders that would indicate the proposed amount would be enough to refinance Celadon’s existing revolving credit.

In particular, we have entered into a nonbinding letter of intent which contemplates an asset based revolving credit facility with two of our existing revolving lenders,” said Paul Svindland, Chief Executive Officer. “This continued support from our current lenders is much appreciated as we continue to work towards accomplishing the refinancing.”

Have your say

This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.