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Lease Termination Agreement For Trucking Company

– Operational turnaround continues, with boilerplate acquirement per built-in tractor per week, excluding ammunition customs revenue, up about 16.5% for May 2018 adjoin May 2017

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– Company and absolute revolving lenders accept agreed to acceding accustomed to extend the adeptness through December 12, 2018

– Ahead appear $200 actor appellation accommodation appellation area is no best actuality pursued; $100 actor asset based band of acclaim appellation area deferred awaiting backup appellation accommodation financing

– Company to resume refinancing action adjoin accomplishments of able industry ambiance and bigger operating performance

INDIANAPOLIS, July 3, 2018 /PRNewswire/ — Celadon Group, Inc. (“Celadon,” the “Company,” “we,” or “us”) (CGIP) today appear several accumulated updates.

Celadon Logo (PRNewsFoto/Celadon Group, Inc.)

Chief Executive Officer, Paul Svindland, stated, “From an operating perspective, I am absolute admiring with the advance our aggregation has made.  Over the accomplished year, with our new chief administration aggregation we accept disposed of non-core business units, badly bigger our operating metrics, and fabricated cogent advance against arising restated banking statements. Our customers, vendors, and costs sources accept been awful supportive, in ample allotment due to bigger chump account and the adeptness to bear abundant asset based and acumen solutions in a bazaar ambiance of bound capacity.”

The Company provided the afterward operating after-effects for May 2018 compared with May 2017. Absolute acquirement was about connected at about $83.5 million, excluding from anniversary aeon the Quality Companies business assemblage that was discontinued in November 2017 and is accustomed to be reflected in “discontinued operations” in the Company’s banking statements back issued. Boilerplate acquirement per built-in tractor per week, excluding ammunition customs revenue, was about $3,619 for May 2018, compared with $3,107 for May 2017.  Boilerplate built-in tractor calculation beneath about 16%, as we focused a right-sized agile on added assisting opportunities in added deeply authentic regions and connected to acquaintance a aggressive bazaar for able barter drivers. Boilerplate acquirement per absolute mile, excluding ammunition customs revenue, bigger about 20%, while boilerplate capricious amount per absolute mile, net of ammunition customs revenue, added about 5%. The Company believes these operating metrics accommodate advantageous acumen into amount operating achievement of the business.  However, they are not necessarily apocalyptic of net assets or operating banknote breeze in accordance with about accustomed accounting attempt due to assertive anchored costs, as able-bodied as abundant fees, expenses, and absorption payments associated with the investigations and banking account restatement, the refinancing process, and added activities alfresco trucking operations.

Mr. Svindland continued:  “In affiliation to our refinancing efforts, the ahead appear appellation accommodation costs appellation area is no best actuality pursued and exclusivity has been terminated.  We would accept been admiring to allow our stakeholders the authoritativeness of accepting completed the refinancing process.  However, both the Company’s achievement and the industry accomplishments accept bigger back the proposed acceding were negotiated, and we are optimistic about our adeptness to antecedent another financing. We are anon re-engaging with another sources of basic as able-bodied as the lenders and lessors in our absolute basic structure, and we accept affianced a globally accustomed advance coffer to abutment us in this process. 

Story Continues

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“We are beholden for the aplomb displayed by our absolute revolving lenders, Coffer of America, Wells Fargo, and Citizens Bank, who anon stepped up with a proposed access in clamminess and connected acceding abatement to abutment a active basic adopting process.  The all-inclusive majority of our accessories lenders and lessors accept been appropriately admiring during our accomplished efforts while we accept remained accepted in our approved account payments.  We will crave the connected cooperation of these groups in approaching periods as we re-start the refinancing action and assay added alternatives to abate our absolute debt and charter obligations.  We apprehend the action to be advancing through abundant if not all of the butt of 2018.”

Bank Alteration Appellation Sheet

On July 3, 2018, our absolute lenders and we agreed on a appellation area to access clamminess and extend the acceding amalgamation beneath our absolute band of credit.  The absolute acceding of the appellation area are abbreviated below:

Amendment Period

·         July 13- December 12, 2018

Maximum Outstanding Amount

·         Access to $230 actor through December 1, 2018, again abbreviating to $170 million

Pricing

·         Base Amount additional 8.00%

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Commitment Fee

·         Account basic October at the amount of 0.45% of the Aggregate Commitments, which are currently $250 million

Additional Collateral

·         Pledge of Canadian and Mexican assets; Banknote ascendancy

Financial Covenants

·         To be mutually agreed

The alteration is accustomed to abutting by July 13, 2018, the cessation date of the absolute acceding amalgamation beneath the band of credit.

Liquidity/Existing Costs Update

Our primary costs consists of our revolving band of acclaim and absolute accessories addendum and leases.  The band of acclaim currently has $180 actor of best borrowing accommodation additional $30 actor in belletrist of acclaim capacity. Beneath the amendment, the best borrowing accommodation will acceleration to $195 actor additional $35 actor in belletrist of credit.  At June 30, 2018, our outstanding borrowing beneath the band of acclaim was about $161 million, and outstanding belletrist of acclaim were about $23 million.   Based on our accepted banknote breeze forecast, the clamminess provided by the alteration is accustomed to be acceptable through the alteration aeon bold our customers, vendors, lenders, lessors, and added counterparties abide to transact with us in a agnate abode as during the antecedent alteration periods.

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Our accessories addendum and leases accept absolute obligations in balance of $350 million, and we accept remained accepted on the appropriate account payments.  A abundant allocation of these addendum and leases accomplished their aboriginal maturities over the accomplished year and accept been connected during our refinancing accomplishment to date, and best of the addendum and leases accept non-payment defaults such as abortion to appropriate bear GAAP banking statements.  For about the accomplished year, the all-inclusive majority of our accessories lenders and lessors accept been awful admiring by extending maturities and waiving or not acting on defaults in barter for accepting advancing account payments. None of our lenders or lessors has accelerated the adeptness date or obligations beneath its agreements. We are optimistic that our accessories lenders and lessors will abide to see the alternate account of continuing this position, as our advancing clamminess and refinancing efforts await on their connected cooperation.

Audit Committee/SEC Investigation/DOJ Investigation

As ahead disclosed, our Audit Committee has overseen an absolute assay apropos assertive affairs and accounting practices beneath the above-mentioned administration team. The investigation, conducted by a nationally accustomed absolute law firm, has included the accumulating of millions of pages of documents, all-encompassing argumentative accounting assay and analysis, and abundant interviews.  To abode the advancing accounting issues and adjustments articular in our April 2, 2018 columnist release, we are advancing restated banking statements as able-bodied as audited banking statements for our 2017 and 2018 budgetary years and apprehend to affair those banking statements and book them with the SEC during the fourth agenda division of 2018 or the aboriginal agenda division of 2019.

The Company is acquainted of investigations by the U.S. Securities and Barter Commission and the Criminal Division of the United States Department of Justice into contest and affairs accompanying to the ahead appear restatement. The Company is allied with these advancing investigations, including responding to subpoenas and affair with board through counsel.

About Celadon

Celadon Group, Inc. (www.celadongroup.com), through its subsidiaries, provides continued haul, regional, local, dedicated, intermodal, temperature-protect, and expedited bales account beyond the United States, Canada, and Mexico. The Company additionally owns Celadon Acumen Services, which provides bales allowance services, bales management, as able-bodied as accumulation alternation administration solutions, including logistics, warehousing, and distribution.

This columnist absolution contains assertive statements that may be advised advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as adapted and Section 21E of the Securities Barter Act of 1934, as adapted and such statements are accountable to the safe anchorage created by those sections and the Private Securities Action Reform Act of 1995, as amended. Such statements may be articular by their use of acceding or phrases, including “expects,” “expected,” “will,” “would,” “could,” “intends,” “believes,” “anticipates,” “future,” and agnate acceding and phrases. Advanced statements are based aloft the accepted behavior and expectations of the Company’s administration and are inherently accountable to risks and uncertainties, some of which cannot be predicted or quantified, which could account approaching contest and absolute after-effects to alter materially from those set alternating in, advised by, or basal the advanced statements.  In this columnist release, statements apropos to the accustomed alteration to our absolute acclaim facility, the accident and accustomed timing of a refinancing, the capability of our assets and clamminess during the refinancing process, the addendum of accessories charter maturities, and our approaching liquidity, amid others, are advanced statements.   Absolute after-effects may alter from those set alternating in the advanced statements.  Factors that could account absolute after-effects to alter materially from those in the advanced statements include, but are not bound to, the accident that we are clumsy to refinance our absolute acclaim acceding or do so on acceding that are added adverse to us or dilutive to our stockholders than the acceding declared in antecedent columnist releases; the accident that the actuality or aftereffect of the investigations by the SEC and DOJ could impede or anticipate our adeptness to refinance; the accident that customers, vendors, lenders, lessors, employees, or stockholders could booty accomplishments that could be adverse to us, including accomplishments by accessories lenders and lessors to acknowledge or accomplish remedies for defaults beneath their agreements; the accident that costs, judgments, settlements, fines, or added abrogating after-effects of the advancing stockholder litigation, banking account restatement, SEC investigation, refinancing and alteration process, and  DOJ assay could blemish our liquidity, adeptness to refinance, or adeptness to operate; the accident that we abort to complete the alteration to our acclaim adeptness advised by the appellation area declared herein and our obligations to the lenders are accelerated; the accident that the currently able bales bazaar weakens afore our operating turnaround is complete or that we abort to assassinate our turnaround plan, either of which could abnormally appulse our clamminess and banking condition; the accident that our banking action delays the backup aeon of our acquirement accessories and added assets, which could aftereffect in added operating costs, lower reliability, and broken disciplinarian recruiting and retention; the accident that the digest and arising of banking statements is delayed. Readers should assay and accede these and added factors that could appulse after-effects as provided in assorted disclosures by the Company in its columnist releases, stockholder reports, and filings with the SEC.

For added information: Thom Albrecht Chief Banking and Strategy Officer (317) 972-7030 [email protected]

View aboriginal agreeable with multimedia:http://www.prnewswire.com/news-releases/celadon-group-announces-operations-update-credit-agreement-amendment-term-sheet-and-termination-of-previously-announced-term-loan-term-sheet-300676134.html

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