Outdated Dominion Tops Estes’ Bid for Yellow Terminals
[Stay on top of transportation news: Get TTNews in your inbox.]
Trucking firm Outdated Dominion Freight Line Inc. has supplied $1.5 billion to amass Yellow Corp.’s 169 terminals out of chapter, greater than a earlier supply from Estes Specific Traces.
YELLOW DRIVERS:Trucking neighborhood rallies to assist them at NTDC
The supply, disclosed in papers filed Aug. 18 in Delaware chapter court docket, exceeds the $1.3 billion proposed stalking horse bid Estes introduced Aug. 17. Outdated Dominion’s supply can also be a stalking horse bid, which might set the ground value for Yellow’s terminals at a future Chapter 11 public sale.
Attorneys for Yellow and Estes Specific Traces didn’t instantly return messages searching for remark. Petition, a publication masking company misery and chapter, reported the Outdated Dominion bid earlier.
The competing gives for Yellow’s terminals comes after the corporate secured a brand new, cheaper chapter mortgage to fund its liquidation. Citadel Credit score Grasp Fund and hedge fund MFN Companions LP, Yellow’s largest shareholder, supplied to supply $142.5 million to fund Yellow’s liquidation.
Outdated Dominion Freight Line ranks No. 10 on the Transport Matters Prime 100 record of the biggest for-hire carriers in North America. Yellow is No. 13 and Estes No. 14. Amongst less-than-truckload carriers, Outdated Dominion, Yellow and Estes rank 2-3-5.
Need extra information? Take heed to at the moment’s every day briefing under or go right here for more information:
