Celadon and Burlington announce letter of intent.INDIANAPOLIS--(BUSINESS WIRE)--May 14, 1996--Burlington Motor Holdings Inc. including its operating affiliates and The Celadon celadon Chinese, Korean, Siamese, and Japanese stoneware decorated with glazes the colour range of which includes greens of various shades, olive, blue, and gray. The colours are the result of a wash of slip (liquefied clay) containing a high proportion of iron that is Group (CLDN CLDN Calling Line Directory Number CLDN Claudin (gene family) :NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on ) today jointly announced the execution of a letter of intent for Celadon to acquire a substantial portion of Burlington's operating assets Operating Assets Another term for working capital. and business. Celadon intends to acquire approximately 1,400 tractors and approximately 4,000 trailers as part of the purchase. Celadon will need Burlington's drivers and a large number of its other employees. The acquisition is contingent upon satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. investigation, final documentation, and approval of a plan of reorganization in Burlington's chapter 11 cases. Celadon will provide management advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to Burlington until execution of a definitive agreement, at which time, subject to bankruptcy court approval, the Burlington and Celadon management teams will combine to manage operations until completion of the acquisition which is expected to take approximately three months. Ralph Arthur, president of Burlington, stated that the Celadon transaction provided "the highest and best proposal for Burlington's creditors, and will allow Burlington as part of Celadon to continue its track record of providing the highest level of excellent service to its customers. We believe our customers and creditors will be fully supportive of this transaction." Len Bennett, president of Celadon stated that "Celadon believes that Burlington's strong relationships with domestic shippers makes Burlington a perfect fit with Celadon's existing programs in Mexico and Canada and will allow Celadon to achieve significant economies of scale." Celadon is headquartered in Indianapolis while Burlington is located approximately 40 miles away. CONTACT: Celadon Group Len Bennett, 317/972-7002 Don S. Snyder, 317/972-7033 or Burlington Motor Holdings Inc. James G. Overley, 317/378-4119 |
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