INDIANAPOLIS, Nov. 30, 2017 /PRNewswire/ -- Celadon Group,
Inc. ("Celadon" or the "Company") (NYSE: CGI) today announced the
appointment of Vincent Donargo as
Vice President and Chief Accounting Officer, effective today.
The Company also provided an update on its previously disclosed
refinancing process.
Appointment of Mr. Donargo
Mr. Donargo brings the company over 30 years of accounting and
financial leadership experience. He previously served
as Executive Vice President and Chief Financial Officer of Beaulieu
Group LLC, a North American carpet and flooring manufacturing
company, from August 2016 to
November 2017. Prior to joining
Beaulieu Group, he was at Brightstar Corp., a mobile services
company, serving as Executive Vice President Finance Operations,
from August 2015 to August 2016 and as Executive Vice President and
Chief Financial Officer from April
2014 to August 2015. Before
his tenure at Brightstar, Mr. Donargo worked for Brightpoint, Inc.,
a publicly traded provider of worldwide distribution and integrated
logistics services prior to its acquisition by Ingram Micro Inc.,
where he served as Chief Accounting Officer and Controller from
September 2005 to May 2011 and as Chief Financial Officer and
Treasurer from May 2011 to October
2012. Mr. Donargo also served as Executive Vice President,
Integration, FP&A, and Finance Transformation at Ingram Micro
after Brightpoint's acquisition from October
2012 to April 2014. Mr. Donargo holds a B.A. in
accounting from Rutgers University.
Thom Albrecht, Chief Financial
and Strategy Officer, stated, "We are pleased to add Vince to the
Celadon team and are glad to have reached a conclusion to our
search for a Chief Accounting Officer. Vince's deep expertise
in accounting and financial matters will be invaluable to the
Company and we look forward to his contributions."
Mr. Donargo said, "I am excited to join Celadon and support the
Company's ongoing efforts. I look forward to working with
Thom in leading the accounting team and playing a key role at
Celadon."
Refinancing Update
On October 2, 2017, the Company
entered into a Sixth Amendment to Amended and Restated Credit
Agreement (the "Sixth Amendment") which, among other things,
required the Company to obtain non-binding letters of intent for
proposed financings sufficient to refinance the Company's existing
revolving credit facility, and the payment of any preliminary
"diligence" or similar fees required by such letters of
intent. The Company has received the required proposals and
paid the requisite preliminary fees, satisfying this provision of
the Sixth Amendment. The proposals are non-binding and the
completion of the refinancing is subject to, among other things,
the prospective lenders' satisfactory completion of due diligence,
internal lender approvals, and negotiation of definitive
documentation.
Paul Svindland, Chief Executive
Officer, commented, "We were pleased to receive proposals for both
an asset based revolving credit facility and term loan
financing. In particular, we have entered into a nonbinding
letter of intent which contemplates an asset based revolving credit
facility with two of our existing revolving lenders. This
continued support from our current lenders is much appreciated as
we continue to work towards accomplishing the refinancing."
About Celadon
Celadon Group, Inc. (www.celadongroup.com), through its
subsidiaries, provides long haul, regional, local, dedicated,
intermodal, temperature-protect, and expedited freight service
across the United States,
Canada, and Mexico. The Company also owns Celadon
Logistics Services, which provides freight brokerage services,
freight management, as well as supply chain management solutions,
including logistics, warehousing, and distribution.
This press release contains certain statements that may be
considered forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended and such statements
are subject to the safe harbor created by those sections and the
Private Securities Litigation Reform Act of 1995, as amended. Such
statements may be identified by their use of terms or phrases,
including "expects," "expected," "will," "would be," "intends,"
"believes," and similar terms and phrases. Forward-looking
statements are based upon the current beliefs and expectations of
our management and are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified,
which could cause future events and actual results to differ
materially from those set forth in, contemplated by, or underlying
the forward-looking statements. In this press release,
statements relating to the Company's efforts to refinance its
credit facility, among others, are forward-looking
statements. Actual results may differ from those set
forth in the forward-looking statements. Readers should
review and consider factors that could impact results as provided
in various disclosures by the Company in its press releases,
stockholder reports, and filings with the Securities and Exchange
Commission.
For more information:
Joe Weigel
Director of Communications
(317) 972-7006 Direct
jweigel@celadongroup.com
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SOURCE Celadon Group, Inc.
