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Estes Express Lines

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business2 years ago•1 min saved

"Old Dominion Outbids Competitors with $1.5 Billion Offer for Yellow's Trucking Terminals"

Old Dominion Freight Line has submitted a $1.5 billion bid to purchase the North American holdings of bankrupt Yellow Trucking, surpassing a bid from Estes Express Lines. If accepted, the bid would trigger a court-supervised auction for Yellow's network of 169 trucking terminals. Yellow Trucking, formerly known as YRC Worldwide Inc., has struggled with financial difficulties and debt. The company also received a $700 million bailout from the Trump administration. Yellow plans to fully repay the bailout and has accepted a bankruptcy loan offer while selling its assets.

via Fox Business|

#bankruptcy #bidding-war #business

business2 years ago•1 min saved

Old Dominion Freight Line Makes $1.5 Billion Bid for Yellow Terminals

Old Dominion Freight Line has made a $1.5 billion bid to acquire Yellow Corp.'s portfolio of terminals out of bankruptcy, surpassing a previous offer from Estes Express Lines. The offer, filed in Delaware bankruptcy court, would set the floor price for Yellow's terminals at a future Chapter 11 auction. Yellow recently secured a new, less expensive bankruptcy loan for its liquidation, with Citadel Credit Master Fund LLC and hedge fund MFN Partners LP offering $142.5 million to fund the process.

via Yahoo Finance|

#acquisition #bankruptcy #business

business2 years ago•2 min saved

Estes Express Acquires Yellow's Terminals for $1.3 Billion

Estes Express Lines has offered $1.3 billion to purchase all of bankrupt trucking company Yellow Corp.'s terminals, in a bid that could serve as the starting price for an auction. Yellow Corp., which filed for bankruptcy earlier this month, plans to sell its tractor-trailers as well. If Estes Express Lines is outbid, it will have to increase its offer or miss out on the deal. The sale would expand Estes' terminal network and potentially lead to workforce and truck fleet expansions. Yellow Corp. is also set to receive bankruptcy loans from Citadel and MFN Partners.

via Forbes|

#acquisition #bankruptcy #business