Celadon Trucking Company Files for Bankruptcy

According to WILX, one of the largest trucking companies in the U.S. has filed for Chapter 11 bankruptcy and plans to shut down nearly all of its business operations.

Celadon group, based in Indianapolis, filed for bankruptcy early Monday morning.

The news means most of the company's 3,800 workers are losing their jobs, 2,500 of whom are truckers.

Anytime I read about something like this it makes me feel so bad for the thousands of employees who end up losing their jobs even though there's nothing they could do about it.

The international company's financial trouble came to light two years ago, when executives were accused of cooking the books and misleading shareholders.

The company reached a deal with federal authorities to repay 42 million dollars, but it still owes 33 million more.

Last week, a U.S. attorney charged Celadon's former chief operations officer and chief financial officer with securities fraud, bank fraud and lying to auditors.