Estes Express Lines wins the bid for Yellow Corp.’s terminals with a $1.525B offer, setting a price floor for Yellow’s assets.
Industry shake-ups have you shaking? Don’t sweat it. With TLC, you know you’re in the loop, and your freights on the move, and not the other way around.
In a significant move for the logistics and freight industry, less-than-truckload carrier Estes Express Lines won the bid for Yellow Corp.’s portfolio of owned terminals with an offer of $1.525 billion.
The decision was formalized in a Delaware bankruptcy court, giving Estes bid protections that include a $7.5 million breakup fee and an expense reimbursement up to $1.6 million.
Yellow Corp., which filed for bankruptcy last August, has been under scrutiny for its financial practices, especially related to its pension fund withdrawal liabilities, which could be as high as $6.5 billion.
The acquisition sets the stage for further financial proceedings, including the likely sale of Yellow’s rolling stock, encompassing nearly 12,000 tractors and 35,000 trailers.
When the logistics industry’s got you spinning, you can count on The Logistix Company to keep your freight heading in the right direction.
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