Celadon Group Inc. has completed the multi-million dollar sale of company facilities located in Indiana, just over a year after closing their doors for good.
On December 17, the sale of the Celadon property located on the east side of Indianapolis, Indiana, sold for $3 million to the Indianapolis Public Transportation Corporation, also known as IndyGo.
IndyGo will use the 11 acre site to provide extra room for administrative workers in addition to providing parking for the city’s busses, according to a report from the Indianapolis Star.
The sale of the property comes just over a year after Celadon abruptly ceased operations.
On December 9, 2019, Celadon officially filed for Chapter 11 bankruptcy protection and announced that they were immediately shutting down their operations. An estimated 4,000 Celadon workers were suddenly laid off weeks before Christmas, including thousands of truck drivers.
The bankruptcy and closure news came just days after the Department of Justice (DOJ) announced that two former executive officers with Celadon would face charges related to fraud and lying to investors. Earlier in 2019, Celadon agreed to pay $42.2 million in restitution to shareholders for “filing materially false and misleading statements to investors and falsifying books, records and accounts.”
Celadon was founded in 1985 and was the largest provider of international truckload services in North America, operating 3,300 tractors and 10,000 trailers at the time of the bankruptcy.