As Priority Transportation phases out most of its over-the-road operation, Celadon Group is stepping in to help in the wind-down of operations so Priority customers aren't left in the lurch.
"Due to continued high fuel prices, weak freight demand and escalating operating costs, as well as a tight credit market, Priority will be phasing out of most of its over the road operations, which include its trucking operations in Farmington, N.Y. and Chesterton, Ind.," said Andy Howley, Priority chief executive officer. "We have entered into an agreement with Celadon to assist in the wind-down of operations and to help ensure continuity of customer service."
Celadon Group, Indianapolis, announced that one of its wholly owned subsidiaries has signed a receivables collection and equipment marshalling agreement with Priority Transportation, a wholly owned subsidiary of Priority America ("Priority").
Under the agreement, Celadon has agreed to use reasonable efforts to cover certain customer loads, to assist a secured lender in retrieving tractors and trailers under defined circumstances, and to assist in the collection of accounts receivable. Celadon will not purchase any assets under the contract.
"Due to continued high fuel prices, weak freight demand and escalating operating costs, as well as a tight credit market, Priority will be phasing out of most of its over the road operations, which include its trucking operations in Farmington, N.Y. and Chesterton, Ind.," said Andy Howley, Priority chief executive officer. "We have entered into an agreement with Celadon to assist in the wind-down of operations and to help ensure continuity of customer service."
Celadon Group, Indianapolis, announced that one of its wholly owned subsidiaries has signed a receivables collection and equipment marshalling agreement with Priority Transportation, a wholly owned subsidiary of Priority America ("Priority").
Under the agreement, Celadon has agreed to use reasonable efforts to cover certain customer loads, to assist a secured lender in retrieving tractors and trailers under defined circumstances, and to assist in the collection of accounts receivable. Celadon will not purchase any assets under the contract.
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