© Reuters. FILE PHOTO: Yellow Corp. trailers sit idle at a YRC shipping facility in North Reading, Massachusetts, U.S., August 16, 2023. REUTERS/Brian Snyder/File Photo
By Dietrich Knauth
NEW YORK (Reuters) – Bankrupt trucking company Yellow (OTC:) Corp received court approval on Tuesday to sell most of its shipping centers and owned real estate to multiple buyers for $1.88 billion, ending a potential bidder’s long-shot effort to keep the company intact.
U.S. Bankruptcy Judge Craig Goldblatt approved the sale at a court hearing in Wilmington, Delaware, saying that the purchase price was a “tremendous outcome” for the trucking company and its creditors.
The sale, which will parcel out 130 of the company’s shipping centers to multiple buyers, generated enough cash to pay off the company’s $1.2 billion in pre-bankruptcy debt, including $700 million owed on a U.S. Treasury Department bailout loan approved by former President Donald Trump’s administration in 2020.
Yellow is still seeking buyers for its remaining owned and leased real estate, as well as its fleet of trucks.
