• DATVF.ATLPHL
    1.638
    -0.014
    -0.8%
  • DATVF.CHIATL
    1.963
    0.087
    4.6%
  • DATVF.DALLAX
    0.897
    -0.106
    -10.6%
  • DATVF.LAXDAL
    1.549
    -0.024
    -1.5%
  • DATVF.SEALAX
    0.976
    0.052
    5.6%
  • DATVF.PHLCHI
    0.939
    0.039
    4.3%
  • DATVF.LAXSEA
    2.034
    -0.050
    -2.4%
  • DATVF.VEU
    1.513
    0.037
    2.5%
  • DATVF.VNU
    1.414
    -0.009
    -0.6%
  • DATVF.VSU
    1.223
    -0.065
    -5%
  • DATVF.VWU
    1.505
    0.001
    0.1%
  • ITVI.USA
    10,122.770
    72.300
    0.7%
  • OTRI.USA
    4.880
    -0.040
    -0.8%
  • OTVI.USA
    10,116.640
    68.200
    0.7%
  • TLT.USA
    2.420
    0.000
    0%
  • WAIT.USA
    150.000
    0.000
    0%
  • DATVF.ATLPHL
    1.638
    -0.014
    -0.8%
  • DATVF.CHIATL
    1.963
    0.087
    4.6%
  • DATVF.DALLAX
    0.897
    -0.106
    -10.6%
  • DATVF.LAXDAL
    1.549
    -0.024
    -1.5%
  • DATVF.SEALAX
    0.976
    0.052
    5.6%
  • DATVF.PHLCHI
    0.939
    0.039
    4.3%
  • DATVF.LAXSEA
    2.034
    -0.050
    -2.4%
  • DATVF.VEU
    1.513
    0.037
    2.5%
  • DATVF.VNU
    1.414
    -0.009
    -0.6%
  • DATVF.VSU
    1.223
    -0.065
    -5%
  • DATVF.VWU
    1.505
    0.001
    0.1%
  • ITVI.USA
    10,122.770
    72.300
    0.7%
  • OTRI.USA
    4.880
    -0.040
    -0.8%
  • OTVI.USA
    10,116.640
    68.200
    0.7%
  • TLT.USA
    2.420
    0.000
    0%
  • WAIT.USA
    150.000
    0.000
    0%
Finance

Celadon announces extended maturity on credit facility, increased borrowing limit

Celadon Group (OTCPink: CGIP) announced the eighteenth amendment to its credit facility which extended the maturity date and increased lending capacity.

“The purpose of the amendment is to provide the company with additional liquidity and support ongoing operations in a ‘business as usual’ mode,” from the press release.

The amendment extends the maturity date of the credit facility to July 31, 2019. The previous maturity date had been June 28, 2019. The amendment also allows for a maximum outstanding amount of $122.9 million with a potential for an additional $2 million upon receiving written consent from lenders. Further, the maximum borrowing limit is $94.0 million, $96 million with consent. The prior amendment provided $93.8 million of maximum borrowing capacity. The agreement also retains the mandatory weekly cash budget stipulation through the new maturity date.

“The company continues to evaluate a range of financial and strategic alternatives with a goal of maximizing repayment of its credit facility obligations ‘a repayment transaction’ during the extension period. The company has received multiple preliminary proposals for repayment transactions, reflecting varying refinancing and other structures, each subject to customary conditions including due diligence and documentation,” stated the release.

Celadon remains in the midst of an operational improvement plan designed to refresh the tractor fleet, dispose of non-trucking operations-related real estate and improve the discipline of its asset-based truckload services.

In recent months, Celadon has announced executive title changes, agreed to pay $42.2 million in restitution to shareholders regarding alleged accounting fraud and divested non-core business units.

CGIP Stock Chart – SONAR


Tags
Show More

Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Close