Celadon Group Inc. (CGIP)

[1manband]

No, that is not correct, but is a common misconception among uninformed investors. Bankruptcy is never a get out of debt free card. The bankruptcy was dismissed because the assets had already been liquidated and there was nothing left to sell off. Bankruptcy is expensive, so once that was done, it was over.

The unpaid debt was NOT discharged. It remained with the company. That is why bankrupt companies are NEVER viable shells.