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Bankruptcy Court Judge Approves Sale of 128 Freight Terminals for $1.88 Billion

A U.S. Bankruptcy Court judge has given the green light for the sale of 128 freight terminals owned by Yellow Corp. The combined value of the sale stands at $1.88 billion. This development comes in the wake of Yellow Corp. filing for federal bankruptcy protection, which led to a complete shutdown of operations and put nearly 30,000 employees out of work, including at least 145 in Kernersville and 893 overall in North Carolina.

Amidst this situation, the Old Dominion Freight Line Inc. had initially made a $1.5 billion stalking-horse bid for 119 Yellow terminals, but none of those terminals are included in the approved sale. Estes Express Lines exceeded the stalking-horse bid in September with a $1.525 billion offer. Meanwhile, there were 21 successful bidders for the terminals, with XPO Inc. being approved to pay $870 million for 26 owned terminals and two leased properties.

The sale of these terminals is expected to be completed by the end of the year. However, the process of selling the remaining leased properties is set for December, with a court hearing on the potential sale scheduled for January. The bids received so far are enough to pay off the company’s pre-bankruptcy debt, including a $700 million loan made in 2020 for pandemic relief.

With such complex legal and financial transactions at play, AI legalese decoder can help navigate through the intricacies of the bankruptcy proceedings, contract negotiations, and asset sales. It can ensure that all legal documents and communications are accurately analyzed and interpreted, providing valuable insights to all involved parties, including the bankruptcy court, potential buyers, and the bankrupt company, to make well-informed decisions.

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