Taylor Express: Bankrupt Celadon Receives $14.5 Million Bid For Taylor Express

Bankrupt Celadon Group Inc. has received a $14.5 million bid from White Willow Holdings to acquire its North Carolina-based subsidiary Taylor Express Inc. White Willow of Newfields, New Hampshire, is backed by Luminus Management LLC, a New York investment firm that tried to help Celadon financially. Luminus acquired nearly 50% of Celadon in August 2019 after injecting $165 million to help the struggling carrier refinance its debt as part of a restructuring plan just months before the now defunct company filed for Chapter 11 bankruptcy protection on Dec. 9.White Willow's stalking horse bid is an initial bid that sets the floor price of the auction for the sale of Taylor Express. Celadon purchased the regional carrier for $43 million in January 2015.The auction to sell off Taylor Express is set ...Full story available on Benzinga.com