Bankrupt Trucker Yellow Gets $1.3 Billion Bid From Rival Estes
- Yellow to hold a court-approved auction for trucks, warehouses
- Citadel, MFN offer $142.5 million loan to fund bankruptcy
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Trucking firm Estes Express Lines has struck a $1.3 billion deal to acquire all of Yellow Corp.’s terminals out of bankruptcy, an offer that’s subject to higher bids should any materialize in the coming weeks.
Yellow lawyer Allyson Smith said Thursday during a court hearing that Estes Express Lines’ offer is in the form of a so-called stalking horse bid. Estes’ bid will set the floor price for Yellow’s portfolio of terminals at a potential Chapter 11 auction if competing offers are made. Yellow will also sell its tractors and trailers.