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The sale of Yellow's rolling stock and remaining terminals continues.
The Delaware bankruptcy court approved the sale of 23 terminal lease contracts owned by Yellow Corp. to six bidders for $82.89 million. The sale of 128 out of 169 terminals, approved on December 12th to 21 different buyers, raised $1.88 billion.
Initially, Estes Express Lines had been approved as the primary buyer in September, leading the acquisition of Yellow’s terminals with a $1.525 billion bid. However, the top bid came from XPO Inc., totaling $870 million for 28 properties, two of which are leased.
In the latest auction of Yellow Corp.’s assets, the first sale generated almost $1.9 billion. FedEx Freight acquired a terminal in Reno for $22.5 million as part of its effort to resize its network by selling 29 terminals, mainly in the Midwest. Saia Motor Freight Line led in quantity, obtaining 11 properties across seven western states for a total of $7.92 million. Meanwhile, Ramar Land Corp. secured three terminals for $8.99 million.
With no objections to the latest sale, the previously scheduled hearing on January 12th to approve the transactions was canceled. The sale of 118 leased properties and 46 owned properties is still pending. California has the highest number with 21 leased properties. Among other states, Alabama, Louisiana, and Ohio each have three terminals.
Among the available leased facilities are a 325-door terminal in Bloomington, California, a 274-door facility in Charlotte, North Carolina, and a 227-door terminal in Atlanta.
The next general hearing in the bankruptcy process is scheduled for January 22nd. Concurrently, the sale of Yellow’s rolling stock and remaining terminals continues, raising expectations that the company’s creditors could see returns closer to $3 billion rather than the initially projected $2 billion.
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