New CFO For Celadon

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INDIANAPOLIS -

Indianapolis-based Celadon Group Inc. (NYSE: CGI) has appointed Thom Albrecht chief financial officer and chief strategy officer. Albrecht most recently served as president of Virginia-based transportation consulting firm Sword & Sea Transport LLC.

Albrecht succeeds Bobby Peavler as CFO. Celadon says Peavler will remain as a "resource" for the company, but did not state in what capacity he would serve.

"Thom's knowledge of our industry and the challenges and opportunities we face is extensive," said Paul Svindland, chief executive officer of Celadon. "In addition, he brings deep understanding of the operating performance that drives financial results. I am confident that Thom's expertise will be invaluable as we seek to improve our results, refinance our capital structure, shed non-core assets, and more effectively deploy capital in our core business units.  I look forward to working with him and the rest of the management team as we seek to continue to execute our strategic initiatives and begin a new chapter for Celadon."

Celadon also provided an update to the announcement earlier this month that it is refinancing its revolving credit facility. The company says it has received non-binding indications of interest from lenders, which is a requirement of its refinancing agreement. Svindland says, with the indications of interest, the company expects to refinance its existing credit facility "with a more appropriate long-term capital structure."

In the same announcement, Celadon said it has downsized its truck count by 400 this year. Last month, the company sold its flatbed trucking division and announced plans to exit its three Celadon Driving Academy locations.

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