Hyndman closed as Celadon files for bankruptcy
AYR, Ont. – Hyndman Transport has been shuttered as part of a Chapter 11 bankruptcy filing by parent company Celadon.
Hyndman was the Canadian division of Celadon, and has been in business for more than 75 years.
Hyndman management didn’t respond to emails from TruckNews.com, but a Facebook page for Hyndman Transport drivers was filled with offers of employment from other carriers, and in some cases assistance getting home if stranded.
In a press release, Paul Svindland, chief executive officer of Celadon, said, “We have diligently explored all possible options to restructure Celadon and keep business operations ongoing, however, a number of legacy and market headwinds made this impossible to achieve.”
“Celadon has faced significant costs associated with a multi-year investigation into the actions of former management, including the restatement of financial statements. When combined with the enormous challenges in the industry, and our significant debt obligations, Celadon was unable to address our significant liquidity constraints through asset sales or other restructuring strategies. Therefore, in conjunction with our lenders, we concluded that Celadon had no choice but to cease all operations and proceed with the orderly and safe wind down of our operations through the Chapter 11 process.”
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This is possibly the worst management ever. Celadon new for over a year that bankruptcy could happen. It was fully in their power to make sure it didn’t happen before Xmas. This is just the board looking at their own wallets first. Shame
It is sad hearing this kind of news especially just before xmas time the drivers and their family’s will have a dark x mas . I understand that nit will damage the transport industry and it will be harder for future drivers to trust any companies to work for regardless the size or the amount of years into business.Good luck to all of you.
This guys where cooking there books for years, i remember during 208 recession, all big companies were cut back, but celadon where new trucks and trls, for years there cheating there investors and there drivers, finally there caught, the got delisted from stock market, there were sued by there owner operators for for fuel discount there getting from pilot,this company was than over by mafia, after founder passed away, he built very good company,I feel for drivers I left them in 2015 after 12 years of service with Canadian division
I feel for every one of Hyndman employee’s I was there for over 12 years and this to happen specially this time of year is. awful poor Hyndman got involved with Celadon now all of them are out of job. Things use to be really good at celadon/Celadon Canada then started going down hill pretty much right away after Russell retired and then short time passed away. Awful what people can do to you who you think you can trust working for. Good luck to all and hopefully we all can climb out of this
It’s been good working with hyndman for the last 7 yrs as an o/o running ontario-Quebec corridor but the last 2 or 3 years i felt something missing from the company,the CEO was battling some difficult illness which left the company in a vacuum,we were always looking for an mty trailer after almost each drop due to a serious shortage of newer trailers caused by financing difficulties,the freight was always a pendulum swinging from 2 weeks of busy runs and 6 weeks of bottoming out, i always saw newer east Asian owned companies at our regular customers lowballing freight rates we had to abandon a few customers, and the final nail that hit the company were the fraud charges read out last week by the US attorney which sent celadon stocks to a penny stock (3 cents by monday morning). I just feel for the dispatch team most of them being there 20 plus years, life will go on after celadon/hyndman demise, best of luck to all
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Good luck to you and yours … just put the pedal to the metal and keep going…this really sucks…I wish all of the truckers the very best in a terrible situation.
If Celadon knew about all the issues and didnt have the decency to let employees know they should not be able to continue with same ownership and should replace all presidents and upper management . Disgraceful the way people with years of service getting treated.
I was about to contact these folks…just proves that I will not part with my own authority!
If you are a driver displaced by this closure, I can help you get a new job quickly. Please email russ@nethire.ca
When companies and drivers alike realize that by working together abit.Fly by nite companies that come in and lowball freight rates and then they can’t survive in a quoted rate can be pushed out.But the bigger shippers have enjoyed that discounted rate and now expect the same rate.when approached by a company that has just enjoyed that cut rate it should direct no.But truck drivers are the that suffer in the end.But trucking companies and drivers alike will never work together resulting in messes like this.While large Muti national companies enjoy subdize d freight rates on the backs of drivers.
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that is so true
I use to be employed with this company back when they were still in the Kitchener location, i left during all thease changes and transitions, way back then I was hearing rumblings this Celadon USA based operation was spending out of control, well here we are, over spending, fraud charges, owner passed away, put it all together and this is the results. I worked with some good drivers back then and i can only hope and trust they will find employment elsewhere, but this should serve as a wake up call for all drivers, ” this damn trucking industry thousands of lives through out the years with stupid management and taking on cheap paying runs”, this unfortunataty will go on, remain strong willed my fellow drivers, be strong, so damn unfortunate.
Trying to find the article that said what the US court ALLOWED Celedon management to have for Bonuses because of the lay offs.. we are in Canada, Hyndman Transport. Sounds like our Canadian drivers got their pay. We are wondering about office staff,… and mechanics. Mechanics seem to be the last on the list. Hubby missing last week of pay, and it is likely he will not get what is left of his vacation pay owed. Very upsetting. Celedon side swiped the Canada part of it’s business. The way they added Hyndman into their twisted equations, Hyndman’s must liquidate. There are 2 or 3 Canadian trucking companies that would very likely have made a move to purchase the Ayr and Wroxeter yards….
THINGS LOOKED SO GOOD IN AYR NEW YARD NICE EQUEPMENT.AND BOOM ALL GONE WHAT A SHAMEHOPE THE DRIVERS WILL FIND NEW EMPLOYMENT FAST. GO TO MILL CREEK BEST COMPANY I WORKED FOR.(24)YEARS BEFORE RETIRE FROM THEMT
What a shame for the Canadian operations. First Celadon buys Gerth, then Hyndman now Bankruptcy. If they were still independent Canadian businesses they would still be around. “Bigger is not always better”