Celadon Refinancing Amid SEC investigation

The Celadon Group continues to restructure its assets in an attempt to create more liquidity, while it is being investigated by the Securities and Exchange Commission (SEC).

The company, which owns Celadon Trucking and Celadon Logistics, as well as other subsidiaries, announced this morning that it has refinanced its revolving credit and extended equipment leases that were maturing in 2018.

Celadon's short-term revolving credit restructuring was done through Bank of America, and has a maturity date at the end of fiscal 2017. In addition they received US $22.6 million in equipment term loans secured by existing tractors and trailers used in their Hyndman subsidiary.

Chief Executive Officer Paul Svindland said the company is making significant progress toward their goals, while acknowledging their financial results will continue to be uneven for the time being.

Other parts of the strategic plan have included selling off its flatbed division and flatbed assets in September, and focusing on the company's irregular route truckload business.

Celadon also said it has identified excess truckload assets and real estate it will be selling.

“In terms of non-core assets, we exited the flatbed business and our driver-training academy in September, and we plan to exit three additional small businesses, including our Quality Companies lease servicing business, in coming quarters,” said Svindland.

Celadon has also disclosed it is the target of an SEC investigation. The SEC issued a subpoena to the company and is currently in the process of obtaining documents from Celadon. No further details of the investigation were released.

This article by the staff of award-winning Canadian publication Today's Trucking appears here via a cooperative editorial-sharing agreement between HDT and TT.

Related: Celadon Sells Off Flatbed Division to PS Logistics

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Goodyear Rolls Out Endurance LHD Tire

Goodyear has officially launched the Endurance LHD, a SmartWay-verified drive tire designed for long-haul fleets.

The Endurance LHD is the latest addition to Goodyear's Endurance line and was announced earlier this year. The Endurance line of tires also includes the Endurance WHA waste haul tire and Endurance RSA regional/long-haul tire.

The Goodyear Endurance LHD contains a wide range of features, including:

The tire is now available in size 295/75R22.5 (Load Range G) and 11R22.5 (Load Ranges G and H.) Another size, 11R24.5 (Load Range G), will be available in December. Sizes 11R24.5 (Load Range H) and 285/75R24.5 (Load Range G) will be available in January 2018.

For long-haul fleets that want to extend the lifecycle of the Endurance LHD, Goodyear currently plans to introduce a matching retread in 2018 that will feature Goodyear UniCircle Technology.

The Goodyear Endurance LHD is available through the Goodyear Commercial Tire & Service Network, which encompasses more than 2,300 locations throughout the United States and Canada.

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Fyda Freightliner Invests in Cascadia Simulator

Technicians check out the new Cascadia Simulator (image courtesy of Fyda Freightliner)

Fyda Freightliner took delivery of a New Cascadia simulator to be used as a core piece of training for the company's approximately 106 service technicians that work at its seven locations in Kentucky, Ohio, and Pennsylvania. The simulator was supplied by Daimler Trucks North America (DTNA) and includes a fully-functioning dashboard which can be connected to and run the Detroit Diesel GHG17 training engine, allowing the technician in training to see the interaction between the tractor and the engine.

“I am so excited to begin using the New Cascadia simulator for our service technician training sessions. It allows much more interactive training without needing to use an actual tractor,” said Rick Higinbotham, Fyda Freightliner company trainer. "It's a great training aide for me as well as our student technicians. During our training sessions, the student technicians will be able to see and do much more on the simulator as compared to a truck tractor, such as component removal and testing that wouldn't normally be able to occur when using an actual truck tractor.”

Higinbotham has been Fyda's company trainer for almost 19 years and works closely with the service managers to keep Fyda's service technicians certified and optimized for the highest level of productivity possible.

The New Cascadia simulator is a fully-functioning training aide. It includes the vehicle ECU (electronic control unit), interactive ICU (instrumental control unit), all switches, motors, door control modules, lighting, adjustable mirrors, blend air (HVAC), and etc. DiagnosticLink 8, computer-based diagnostic program, connects to the simulator and is fully functional.

Fyda Freightliner is always looking to hire quality service technicians at all dealership locations and provides training and certification. Interested parties may apply online at www.fydafreightliner.com.

Related: Fyda Freightliner Offers Mobile Diagnosis of Repairs

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Trucking is trending fast towards electrification

Manufacturers that build cars and heavy trucks alike increasingly believe electricity – whether as stand-alone power or as part of a hydrogen-based fuel cell system – will play a critical role in powering motor vehicles in the not-so-distant future.

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New Wheel Covers Hide Fasteners for Optimized Aerodynamics

ATLANTA -- Deflecktor has designed a new generation of aerodynamic wheel covers, which it says offer a more aerodynamic shape because the fastening system is entirely contained behind the smooth, aerodynamic wheel cover face.

“This is the first cover that the fastening system isn't taking the front seat to the aerodynamic shape,” explained company founder Jon Fleck at the North American Commercial Vehicle Show. “The aerodynamic shape is optimized. There's no buttons, there's no brackets, there's no nuts and bolts.”

The company took a similar approach to design covers for the front axle, which deals specifically with the paddlewheel effect. “The paddlewheel affect is addressing the lug nuts spinning at 520 revs per mile within this apocalyptic flow of air at the front of the vehicle," Fleck explained.

The new wheel covers are lightweight and durable and are priced to allow fleets to realize a faster return on their investment.

“With no low pressure troughs on its face, the various finishes live long and stay clean through the most challenging environments. The covers float entirely free of the wheel,” says a press release.

A simple, rigged fastener design offers instant on/off access to the wheel end. Sensory feedback assures the user of the wheel cover's secure and accurate installation

Deflecktor offers these wheel covers in a durable injected polymer that feature several finish choices; mirror chrome, painted silver (11 coats), optically clear polycarbonate, and an injected color of choice. All metal components are aerospace-quality stainless that are entirely sourced in the USA. Assembly occurs in the St Croix River Valley of Minnesota and Wisconsin, where most research and development happens.

This clear cover illustrates the attaching mechanism. Photo: Deborah Lockridge

This new Deflecktor cover is aggressively priced to ensure the fastest ROI. The Deflecktor design has multiple worldwide patents pending.

The company has been making aerodynamic wheel ...Read the rest of this story

Economic Watch: Manufacturing Surges, Construction Rebounds

Manufacturing activity in the U.S. turned higher in September, hitting its highest level in 13 years, according to newly released survey results of supply executives. A separate report showed construction spending rebounded after two straight monthly drops.

The Institute for Supply Management's index of manufacturing activity registered 60.8% for September, an increase of two percentage points from the August reading. That's its highest level since January 2004, with 17 of 18 manufacturing industries reporting growth last month.

A reading over 50% indicates the manufacturing sector is expanding, while below 50% signals contraction. This latest reading was far better than a slight downturn expected in a poll of analysts.

The New Orders Index registered 64.6%, an increase of 4.3 percentage points from the August reading, while the Production Index registered 62.2%, a 1.2 percentage point increase. The Employment Index registered 60.3%, an increase of 0.4 of a percentage point from the August level.

"Order input continues at a strong pace, averaging 61.6% since December 2016, setting the pace for production activity," said Timothy Fiore, chair of the Institute for Supply Management's Manufacturing Business Survey Committee. "Production remains at strong growth levels in most industries, in spite of weather conditions and supplier delivery constraints experienced during the period.”

A separate, similar survey from the financial information services provider IHS Markit showed a further improvement in operating conditions across the U.S. manufacturing sector.

Its U.S. Manufacturing Purchasing Managers' Index registered 53.1 in September, up slightly on the preliminary reading of 53 and rising from 52.8 in August. The upturn signaled a slight pick-up in growth momentum and a strong improvement in overall operating conditions across the sector.

Like the ISM report, a reading above 50 in the IHS Markit survey indicates expansion in the manufacturing sector.

Despite the overall increase in September, Chris Williamson, chief business ...Read the rest of this story

CARB certifies AMP Americas’ dairy waste-to-vehicle fuel pathway

AMP Americas, a renewable natural gas (RNG) producer and marketer, and compressed natural gas (CNG) fuel provider for the heavy-duty, commercial trucking industry, announced its RNG operation at Fair Oaks Farms in Indiana has received the first dairy waste-to-vehicle fuel pathway certified by California's Air Resources Board (CARB).

CARB awarded the company a Carbon Intensity (CI) score of -254.94 gCO2e/MJ, which the company noted is the lowest ever issued by CARB.

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