Celadon Announces New VP and Chief Accounting Officer, Update On Refinancingby Jake Tully - Published: 11/30/2017
As the month of November comes to an end, the Indianapolis, Indiana based logistics and trucking company Celadon Group announces appointment of Vincent Donargo in the position as Vice President and Chief Accounting Officer as well an update into the company’s refinancing process.
Effective today, Donargo assumes position at Celadon Group in the Vice President and Chief Accounting Officer role, with a reported 30-plus years of leadership in the field of finance as well as the field of accounting.
"I am excited to join Celadon and support the Company's ongoing efforts. I look forward to working with Thom (Albrecht) in leading the accounting team and playing a key role at Celadon," said Donargo.
In light of Donargo’s appointment, Thom Albrecht, Celadon Chief Financial and Strategy Officer expressed a positive viewpoint, citing the new Vice President and Chief Accounting Officer’s experience.
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"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,” said Albrecht. “Vince's deep expertise in accounting and financial matters will be invaluable to the Company and we look forward to his contributions."
In revealing more details about the company’s refinancing process, Celadon reports that the company entered into a Sixth Amendment to the amended and Restated Credit Agreement on October 2, 2017 that 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,” among other activities, the company reported in their recent press release.
Celadon reports it has received the necessary proposals and paid the preliminary fees to satisfy the provision to the sixth amendment, in which the proposals are non-binding.
According to the company, completion for refinancing is subject to the satisfactory completion and due diligence of prospective lenders, among other factors, which can be found within the company press release.
Paul Svindland, Chief Executive Officer at Celadon reports that the financial advancements for the company are met by an internal level of satisfaction.
"We were pleased to receive proposals for both an asset based revolving credit facility and term loan financing,” said Svindland. “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."