April 2, 2018 / 9:31 PM / in 7 months

BRIEF-Celadon Group Announces Credit Agreement Amendment

April 2 (Reuters) - Celadon Group Inc:

* CELADON GROUP TO RESTATE PRIOR FINANCIAL STATEMENTS; ANNOUNCES CREDIT AGREEMENT AMENDMENT AND OPERATIONS UPDATE

* COMPLETION OF RESTATED FINANCIAL REPORTS WILL EXTEND PAST MAY 2 NYSE DEADLINE TO RETAIN LISTING OF COMPANY’S COMMON STOCK

* FINANCIAL STATEMENTS FOR FISCAL YRS ENDED JUNE 30, 2014, 2015, 2016, AND QTRS ENDED SEPT 30 AND DEC 31, 2016, WILL BE RESTATED

* EXISTING CREDIT FACILITY AMENDED THROUGH APRIL 30 PENDING EVALUATION BY EXISTING REVOLVING LENDERS AND CO OF REFINANCING OFFER

* CORE ASSETS, DEPLOY TRUCKS TO MORE PROFITABLE ROUTES

* CO’S INTERNAL INVESTIGATION HAS REVEALED TRANSACTIONS INVOLVING REVENUE EQUIPMENT HELD FOR SALE BY QUALITY COMPANIES SUBSIDIARY

* BASED ON INTERNAL INVESTIGATION, CO PERFORMED ADDITIONAL PROCEDURES TO DETERMINE FAIR VALUE OF EQUIPMENT BOTH PURCHASED AND SOLD

* HAS CONCLUDED A WRITE DOWN OF CARRYING VALUES OF REVENUE EQUIPMENT HELD FOR SALE OF ABOUT $20 MILLION IS APPROPRIATE AT JUNE 30, 2016

* CARRYING VALUES OF EQUIPMENT WILL BE RESTATED TO REFLECT MANAGEMENT’S DETERMINATION OF FAIR VALUES AT RELEVANT PERIODS

* RELEVANT PERIODS WHERE CARRYING VALUES OF EQUIPMENT WILL BE RESTATED MAY INCLUDE DATES PRIOR TO JUNE 30, 2016 Source text for Eikon: Further company coverage:

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