Celadon Group, Inc. entered into an amendment of its primary credit agreement that waived certain defaults related to the March 2017 quarter financial covenants and as a result of the withdrawn financial statements, established a new $200 million borrowing limit, and set in motion the perfection of assets, including those that would accompany the proposed new asset-based credit facility. Other amendments included higher interest rates, revised asset coverage ratio covenant of 0.90 to 1.00 for periods prior to June 30, 2017, supplemental financial reporting obligations and borrowing conditions, prohibition on future dividends or stock buybacks, and a capital expenditure limitation.

Jonathan Russell has been named President and Chief Operating Officer of Celadon Group, effective immediately. Mr. Russell, 45, has been the Company's President of Celadon Logistics, Inc., which includes the Company's asset light business units, since November 2010 and served in various other roles since 2002. Prior to joining the Company, Mr. Russell had been a Vice President in the Global Corporate Investment Bank of Citigroup Inc. Douglas Schmidt has been named President of Celadon Trucking subsidiary and will oversee truckload division. Mr. Schmidt previously served as President and COO at A&S Kinard, which was acquired by Celadon in 2014, and has over 22 years of experience in the truckload industry. Eric Meek has resigned as President and Chief Operating Officer to pursue other interests.