Celadon seeks OK to accept new offer

The bankrupt truckload carrier Celadon Group is asking a judge to allow it to accept a purchase offer for its Mexican trucking operations after an initial deal with Tontitown-based P.A.M. Transportation fell through.

According to recent court filings, Celadon is asking to sell to its holdings in Mexico, including its rolling stock, to White Willow Holdings for $2.4 million in cash and 78% of a potential tax refund that the company says is lucrative. New Hampshire-based White Willow is backed by Luminus Management LLC, a New York investment firm.

In February, P.A.M. had made a $7 million offer for Celadon’s Mexican operations. In court documents, Celadon said P.A.M. tried to renegotiate the terms of the deal giving Celadon leeway to seek other buyers like White Willow. Celadon argued the sale to White Willow was in the best interest of the company and should be allowed to go forward.

Indianapolis-based Celadon is one of the biggest truckload carriers in North America, with major customers including Walmart.