Business Insider reported the company’s troubles had been exacerbated by the SEC’s December 5 indictment of two former Celadon executives who had allegedly been involved in a multi-year, multi-million-dollar accounting fraud.
Business Insider added the bankruptcy could leave the 3,200 drivers employed by Celadon potentially stranded as fuel cards could be turned off before routes are completed.
The equipment finance industry has been notably slow to embrace newer technologies. For many companies, COVID-19 has exposed crucial technological gaps in business tools, systems and processes. But lenders can utilize their real-time struggles to accelerate digital transformation and enhance... read more
When the COVID shutdown began, most lenders issued moratoriums on repossession activity and began issuing payment deferrals to customers on a large scale. Several states also issued executive orders reducing or eliminating a lender’s ability to enforce their security interests... read more