Del. Judge Warns $6.2M Dispute Could Tank Celadon Ch. 11

Law360 (March 24, 2020, 7:00 PM EDT) -- Bankrupt transport company Celadon Group could get tipped into Chapter 7 if an adversary suit drags on over a secured lender's sweep-up of $6.2 million in debtor cash claimed by logistics broker TA Dispatch LLC, a Delaware judge cautioned Tuesday.

U.S. Bankruptcy Judge Karen B. Owens said during a Celadon status teleconference that she will hear arguments April 15 whether or not the money sought by TA Dispatch should be considered property of Celadon’s Chapter 11 estate and fair game for prepetition asset-based loan agent Midcap Funding IV Trust’s seizure.

The two sides, along with Celadon and prepetition term loan agent...

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