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About 4,000 truck drivers across the US who were notified on Monday by Celadon, that their employer was ceasing operations after filing for Chapter 11 bankruptcy protection. The filing makes it the largest bankruptcy in trucking history.
The logistics carrier, based in Indianapolis, reported annual revenues more than $1bn as recently as 2015. But a federal fraud investigation, huge debts and the “enormous challenges” in the industry, according to the chief executive, Paul Svindland, have forced the trucking company off the road.
read more in: The Guardian