Celadon Group, Inc. (OTCPK:CGIP.Q) has received a $14.5 million bid for its Taylor Express, Inc., according to bankruptcy documents filed on January 17, 2020. The bid comes from White Willow Holdings and is backed by Luminus Management, LLC. The stalking horse offer essentially acts as reserve bid for Taylor Express and ensures the final sale price at auction, which is set for January 22, 2020, will be at least $14.5 million - a more than 70% discount from the $49 million Celadon paid to purchase the carrier 5 years ago. Typical in stalking horse arrangements, White Willow’s bid includes a $375,000 break-up fee, an expense reimbursement of up to $187,500 and initial overbid requirement of $100,000. Celadon filed Chapter 11 bankruptcy last month, shuttering all business units as of December 9 except for Taylor Express, which was the target of a sale.