Citadel Acquires Yellow Debt Owned by Apollo, Other Lenders
- Apollo, other lenders sell about $485 million of Yellow debt
- Trucking firm is working to finalize liquidation financing
Yellow Corp. trucks at a facility in Hayward, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
An affiliate of Ken Griffin’s Citadel has acquired roughly $485 million in Yellow Corp. debt previously owned by Apollo Global Management Inc. and other senior lenders to the bankrupt trucking firm, according to a person familiar with the matter.
The deal comes as Yellow seeks to secure a bankruptcy loan to fund its liquidation. Apollo and other senior lenders had offered to provide the company $142.5 million in new money to fund the trucking firm’s wind-down, but Yellow was approached with less expensive options after filing Chapter 11.