Bankrupt Carrier Terminals Raise US$1.9bn

December 7, 2023

The Bankruptcy Court handling the affairs of American less-than-truckload carrier Yellow looks set to raise over US$2 billion from the sale of the company’s national network of terminals.
 
The Wall Street Journal reported that several rivals submitted bids totaling just under US$1.9 billion for three-quarters of Yellow’s properties according to a filing in the Bankruptcy Court in Delaware. It is expected that the remaining terminals will be sold for hundreds of millions more. The bids are still to be approved by the court later this month. Leading bidders for the terminals included XPO, the third-largest LTL carrier in the country, who secured 28 properties and Estes Express Lines winning 24 terminals.
 
The bids for the properties, that exceeded expectations, means that it is unlikely that a US$1.1 billion offer to buy the company and rehire employees will be successful. The bankruptcy of Yellow was the largest collapse of a trucking company in the United Sates and resulted in the loss of 30,000 jobs and the closure of nearly 170 terminals.