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Yellow Corp

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business2 years ago

Yellow's Bankruptcy: XPO's Acquisition of Service Centers and Real Estate Sale Approved

Bankrupt trucking company Yellow Corp has received court approval to sell most of its shipping centers and real estate to multiple buyers for $1.88 billion, effectively ending a bidder's attempt to keep the company intact. The sale will generate enough cash to pay off the company's pre-bankruptcy debt, including a $700 million COVID-19 relief loan. Yellow is still seeking buyers for its remaining real estate and fleet of trucks. Despite pressure to keep the company intact to save jobs, Yellow chose to break up its assets. Trucking company XPO Inc was the largest buyer in the approved sale, acquiring 28 shipping centers for $870 million.

via Reuters|
#bankruptcy#business#job-losses
business2 years ago

Yellow Trucking Company Rejects Bid to Revive Operations, Suspends Auction of Leased Terminals

Defunct cargo hauler Yellow Corp has rejected an offer to revive its operations, stating that the offer is unlikely to cover the costs of its bankruptcy case and restructuring fees. Yellow Corp has been out of business for several months and is nearing the end of an auction process that will bring creditors at least $1.9 billion.

via Bloomberg|
#bankruptcy#business#offer-rejection
business2 years ago

XPO Acquires 28 Yellow Terminals in $870 Million Deal

XPO Inc., a less-than-truckload carrier, has agreed to pay $870 million for 26 owned terminals and two leased properties previously operated by bankrupt Yellow Corp. in a managed sale of assets. The auction saw 128 out of Yellow's 169 owned properties sold to 21 different buyers, bringing in nearly $1.9 billion. XPO's offer was among the largest, while Old Dominion Freight Lines, another top suitor, did not acquire any properties in this initial sale. The auction is ongoing, with 46 owned properties remaining to be sold.

via Transport Topics|
#auction#business#less-than-truckload-carrier
business2 years ago

Multiple Companies Acquire Former Yellow Terminals in Major Deals

TForce, the parent company of TForce Properties, has acquired two former Yellow Corp terminals in Sacramento, California, and Lexington, Kentucky, for a total of US$15.9 million. The auction of Yellow Corp's properties saw a total of 128 owned properties and two leased properties sold for a combined sum of US$1.9 billion, with XPO being the largest bidder. Other successful bidders included Estes Express Lines, Saia Motor Freight, Knight-Swift, and ArcBest.

via trucknews.com|
#business#real-estate#tfi-international
business2 years ago

Trucking giant XPO acquires bankrupt Yellow's service centers for $870 million

Trucking company XPO Inc has won a bid to acquire 28 service centers of bankrupt Yellow Corp for $870 million. The deal, subject to court approval, is expected to add to XPO's core profit in 2024 and adjusted profit per share from continuing operations in 2025. XPO's successful bid was part of a court-supervised auction that saw nearly two dozen companies, including Estes Express Lines and Knight-Swift Transportation Holdings, win rights to purchase Yellow's assets for $1.88 billion. The U.S. Bankruptcy Court in Delaware will hold a hearing on December 12 to approve the bids.

via Reuters|
#acquisition#bankruptcy#business
business2 years ago

Trucking Firm's Bold Bid for Yellow Gains US Treasury Backing

Jack Cooper Transport, a major privately owned auto transport company, is making a long-shot bid to rescue trucking giant Yellow Corp from bankruptcy liquidation and save around 30,000 union jobs. The effort has gained interest from the Biden administration, with discussions taking place between Jack Cooper officials, the Teamsters union, and administration officials. The bid hinges on the Treasury Department extending the maturity date for $700 million in COVID pandemic loans given to Yellow Corp, allowing Jack Cooper to offer more favorable terms. Yellow Corp filed for bankruptcy protection in August, and the piecemeal liquidation of its assets could begin next month.

via Reuters|
#bankruptcy#biden-administration#business
business2 years ago

Estes Express Ups Bid for Yellow's Shipment Centers in Bidding War

Trucking firm Estes Express has submitted a revised stalking horse bid worth $1.525 billion in cash for bankrupt Yellow Corp's shipment centers, surpassing Old Dominion Freight Line Inc's previous bid. The new bid offers more money for the acquired assets and fewer fees in terms of bid protections. Yellow Corp halted operations in July and filed for bankruptcy last month, citing the International Brotherhood of Teamsters union as a contributing factor.

via Reuters|
#bankruptcy#bidding#business
business2 years ago

Old Dominion's $1.5B Bid Raises Stakes for Yellow's Terminals

Old Dominion Freight Line has submitted a $1.5 billion bid for Yellow Corp.'s terminals, surpassing the $1.3 billion bid from Estes Express Lines. The offer is a stalking horse purchase agreement, setting the minimum value for the assets to be sold. The bid includes a maximum breakup fee of $26 million and up to $2 million in expense reimbursement. Old Dominion is required to make a 5% deposit, and the bid is effective for 180 days. Hedge funds Citadel and MFN Partners will provide $142.5 million in debtor-in-possession financing to support Yellow's liquidation process.

via Yahoo Finance|
#bankruptcy-court#bid#business
business2 years ago

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
business2 years ago

Estes Express Bids $1.3 Billion for Yellow's Shipment Centers

Trucking firm Estes Express has submitted a $1.3 billion bid to acquire bankrupt Yellow Corp's shipment centers. Yellow has decided to move forward with a $142.5 million loan provided by hedge fund Citadel and MFN Partners, instead of Estes' offer. The new loan allows Yellow to solicit higher bids for its real estate assets and sell its fleet of trucks. Estes' offer comes close to covering all of Yellow's pre-bankruptcy debt, including a $700 million loan owed to the U.S. Treasury Department. Yellow filed for bankruptcy due to a labor dispute with the International Brotherhood of Teamsters union.

via Reuters|
#bankruptcy#business#estes-express
business2 years ago

Yellow Corp Shutdown Sparks Mass Layoffs in Oregon

Yellow Corp, one of the largest trucking companies in the US, is shutting down, resulting in hundreds of layoffs in Oregon and an estimated 30,000 nationwide. The layoffs are expected to further impact an already struggling supply chain. The trucking industry in Oregon, which makes up over 100,000 jobs, heavily relies on trucks for transportation. Despite the setback, efforts are being made to help the laid-off drivers find employment in the trucking industry, which is already facing a shortage of around 80,000 drivers.

via KOIN.com|
#business#layoffs#oregon
business2 years ago

Yellow's Bankruptcy Sends Shockwaves Through Trucking Industry

Creditors led by Apollo Global Management are close to finalizing a deal to provide Yellow Corp with fresh cash during its upcoming bankruptcy, according to sources. Apollo, which owns a majority of Yellow's term loans, is well-positioned to lead a debtor-in-possession financing for the struggling trucking company. Yellow, the third-largest trucking company in the US, has been grappling with a decline in freight volumes and a drop in e-commerce shipments. The company recently averted a strike by paying over $50 million in owed benefits and pension accruals. Yellow has a total debt of $1.54 billion and faces $1.3 billion in debt payments due in 2024.

via Reuters|
#apollo-global-management#bankruptcy-loan#business
finance2 years ago

Tupperware and Yellow: Joining the Meme-Stock Club with a Rally

Shares of struggling companies Tupperware Brands Corp and Yellow Corp have experienced significant rallies as retail traders flock to financially weak "meme stocks." Yellow's shares surged over 67% after the trucking company announced bankruptcy, while Tupperware's shares rose 29% amid warnings of possible bankruptcy and a slump in sales. The resurgence in meme stocks, driven by social media hype, coincides with a broader rise in U.S. stocks on expectations of interest rate stabilization and economic recovery. Retail traders' market orders have increased, with Tupperware and Yellow being among the most traded stocks.

via Reuters|
#bankruptcy#finance#meme-stocks
business2 years ago

Yellow Corp. Bankruptcy Sends Shockwaves Through Trucking Industry

Yellow Corp, a trucking company, has announced the cessation of all operations, leaving approximately 30,000 workers without jobs. The company, which was once a major player in the industry, had been struggling with a significant decline in customers and difficulties in repaying a $700 million pandemic-era loan. Tensions between Unionized Workers and the Teamsters further exacerbated the situation. As former Yellow customers turn to other carriers, shipping prices are expected to rise. Workers like Jay Repka, who received less than 24 hours' notice before being laid off, are already feeling the impact on their livelihoods. The company is anticipated to file for bankruptcy soon.

via WTVG|
#bankruptcy#business#layoffs
business2 years ago

Yellow Trucking Company: A Bankruptcy Cautionary Tale

Yellow Corp, formerly known as YRC Worldwide Inc., is expected to file for bankruptcy after ceasing operations nationwide and laying off employees. The company, which grew through acquisitions to become the fifth-largest trucking firm in the US, has been burdened by a significant debt load. Despite receiving a $700 million pandemic-era loan in 2020, a congressional probe found that the company's financial position posed a risk to taxpayers. Yellow's attempt to restructure and reduce redundancy through its "One Yellow" initiative was met with resistance from the Teamsters union, leading to a standoff. The union's opposition and the threat of a strike caused customers to flee, exacerbating the company's financial troubles. The Teamsters union claims that Yellow's demise was due to mismanagement, while others argue that the union overplayed its hand in opposing the restructuring efforts.

via Fox Business|
#bankruptcy#business#financial-struggles