INDIANAPOLIS TRUCKING COMPANY
-- ONE OF THE NATION'S
LARGEST. *PHI*) CELADON
CLOSED ITS DOORS THIS MORNING
AFTER FILING FOR BANKRUPTCY,
LEAVING NEARLY 4,000 WORKERS
OUT OF A JOB. NEWS 8'S RICHARD
ESSEX IS FOLLOWING THIS STORY
AND JOINS US FROM CELADON'S
HEADQUARTERS..
**) POLICE ARE AT ALL OF
EXITS... TO KEEP PEOPLE AWAY
AND TO MAINTAIN ORDER...THIS
IS A VERY EMOTIONAL FOR MANY
OF THESE DRIVERS AND LONG TIME
STAFF... THE FOUNDER OF THE
COMPANY WHO PASSED AWAY A FEW
YEARS AGO WAS HIGHLY RESPECTED
BY THE PEOPLE THAT WORKED FOR
HIM... THE COMPANY IS REPORTED
TO OWE HUNDREDS OF MILLIONS TO
CREDITORS AND IS STRUGGLING TO
MEET THE 13 MILLION DOLLAR A
MONTH PAYROLL...
*REPORTIN*) ONE OF THE
5000 TRUCKS OPERATED BY CELADON
AND DRIVEN BY A VETERAN OF THE
COMPANY SLOWLY MAKES HIS WAY
BACK TO THE GARAGE, WITH NO
PLANS FOR TOMORROW ((10 42 16
IF I KEEP DRIVEN I AIN'T
MAKING NO I MONEY I GOT FAMILY
TO TAKE CARE OF / :)) OVER THE
WEEKEND WORD LEAKED OUT THAT
THE COMPANY WAS FILLING FOR
BANKRUPTCY. SOME OF THE
DRIVERS CAME BACK RIGHT AWAY,
WHILE OTHERS LIKE ARCADIO
CARABALLO WAS HOPING THE
RUMORS WHERE NOT TRUE (( / 01
00 54 THREE DAYS AGO THEY GOT
RID OF SOME LEASE OPERATORS
DRIVERS BECAUSE THEY HAD A
THIRD PARTY LEASING TRUCKS TO
THEM AND THAT PRETTY MUCH GAVE
YOU AN IDEA OF WHAT WAS GOING
TO HAPPEN AND THEN YESTERDAY
ALL BLEEP BROKE LOOSE :)) THE
COMPANY OWES MILLIONS TO
CREDITORS AND IS STRUGGLING TO
MEET THE 13 MILLION DOLLAR A
MONTH PAYROLL. ACCORDING TO
THE INITIAL BANKRUPTCY
FILLINGS THE COMPANY EMPLOYEES
MORE THAN 3800 PEOPLE - 2500
ARE TRUCK DRIVERS (( / 10 44
24 I DONT KNOW I GUESS I'M
STRANDED.. :)) CELADON'S
FINANCIAL TROUBLE FIST CAME TO
LIGHT TWO YEARS AGO, WHEN
COMPANY EXECUTIVES WERE
ACCUSED OF COOKING THE BOOKS
AND MISLEADING SHAREHOLDERS.
AT THE TIME THE ASSISTANT
ATTORNY GENERAL BRIAN A.
BENCZKOWSKI SAID "CELADON
EXECUTIVES MISLED THE
INVESTING PUBLIC FOR A SIMPLE
REASON: PROFIT," THE COMPANY
REACHED A DEAL THIS PAST
SPRING WITH FEDERAL
AUTHORITIES TO REPAY $42
MILLION. THEY STILL OWE 33
MILLION.. (( / ARCADIO
CARABALLO FORMER DRIVER 01 02
32 IT IS
*PHI*) MAYOR JOE HOGSETT
IS REACTING TO CELADON'S
DECISION TONIGHT. HE TWEETED A
STATEMENT SAYING "TODAY'S
DECISION IS THE RESULT OF THE
WORST KIND OF CORPORATE
RECKLESSNESS, WITH THE ACTIONS
OF A FEW HIGHLY- PAID
EXECUTIVES CREATING TRAGEDY
FOR WORKERS ACROSS CENTRAL
INDIANA." HE ALSO OFFERED THE
CITY'S JOB TRAINING PROGRAM TO
THOSE LOSING THEIR JOBS.
*PHI*) LET'S WELCOME IN
GERRY DICK, THE LONGTIME HOST
OF INSIDE INDIANA BUSINESS,
WHICH YOU CAN SEE RIGHT HERE
ON WISH-TV.* GERRY, IS THIS A
CASE OF A COMPANY HITTING HARD
TIMES, OR CREATING IT'S OWN
TROUBLE THAT IT COULDN'T
ESCAPE.* CELADON IS A HUGE
PART OF THE NATION'S SHIPPING
BY HIGHWAY.. AND THIS WILL
HAVE IMPACT ON RETAILERS AND
COMPANIES THROUGHOUT THE
COUNTRY.* WE'VE SEEN REPORTS
OF TRANSPORTATION COMPANIES
HAVING TROUBLE... IS THIS AN
EARLY WARNING SIGN OF A
RECESSION, OR A SIGN THAT THE
ECONOMY IS DOING WELL, AND
JUST HARD TO KEEP WORKERS.
*BROOK*) DEVELOPING