The company reached a new credit deal with Bank of America on July 3 after agreeing to a host of operating and reporting restrictions.

[6] Subsequently, it was found that the errors were the result of a series of trades of aging and unused trucks using invoices with deliberately inflated values to intentionally hide significant losses from its investors.

[7][8] On April 25, 2019, it was announced that Celadon Group Inc. had agreed to pay total restitution of $42.2 million as a part of its deferred prosecution agreement (DPA) for filing materially false and misleading statements to investors and falsifying books, records and accounts.

[10] On December 5, 2019, the SEC charged former Celadon president and COO William Eric Meek and former CFO Bobby Peavler with accounting fraud.

In parallel, the U.S. Attorney's Office for the Southern District of Indiana and the U.S. Department of Justice, Fraud Section announced Williams had pled guilty to related criminal charges.

[4] In March 2020, Celadon auctioned off assets from the company headquarters and driver dorms as part of their bankruptcy agreement.