Celadon DIP financing amendment increases fee budget by $3.7 million

By Caroline Salls

Pittsburgh, Sept. 16 – Celadon Group, Inc. received court approval to amend its debtor-in-possession credit agreement, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the amendment increases the professional fees budget by $3.7 million, provides for the payment of operating expenses that the Celadon debtors continue to incur as they wind down their estates and allows the payment of an additional cash collateral fee to the company’s pre-bankruptcy term loan agent.

The order said Celadon’s pre-bankruptcy term loan agent is willing to agree to the modified budget.

Celadon provides long haul, regional, local, dedicated, intermodal, temperature-protected and expedited freight service and is based in Indianapolis. The company filed bankruptcy on Dec. 9, 2019 under Chapter 11 case number 19-12606.

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