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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