Truck company bankruptcies and abandoned drivers: "It's "been happening a lot in 2019," said one bankruptcy attorney.
U.S. bankruptcy judge Karen Owens stamped approval on the fleet’s legal motion Tuesday, saying she is authorizing now defunct, bankrupt Celadon to pay $3.9 million to drivers (including payroll tax obligations) and $528,000 to its independent contractor drivers. Celadon halted operations Monday, Dec. 9, at midnight, and filed Chapter 11 bankruptcy the next day. The court will now judge its assets and its list of creditors and finalize a deal to pay its debts. In its Chapter 11 filing, the company estimated its total assets to be $427 million and its debts at $391 million. |