Dive Brief:
- Yellow Corp.’s terminals sold for $1.88 billion in a bankruptcy court-supervised auction, the company said in a court filing Monday night.
- XPO, Estes Express Lines, Saia and Knight-Swift Transportation Holdings acquired the most properties of the 21 winning bidders. In all, 128 owned and two leased terminals were purchased.
- XPO spent $870 million to acquire 26 owned and two leased terminals; Estes spent $248.7 million on 24 owned terminals; Saia spent $235.7 million on 17 owned properties; and Knight-Swift got 13 for just over $51 million.
Winning bidders of Yellow Corp.'s truck terminals
Dive Insight:
With the shuttered LTL’s employees laid off, its freight diverted to competitors, and its trucks, trailers and other equipment separately headed to auction, the billion-plus dollars in total real estate proceeds from the auction will repay the company’s creditors. The auction remains ongoing, with a total of 169 owned terminals at play.
Those include the federal government, which will recoup its $700 million COVID-19 relief loan to Yellow, closing the door on a last-ditch bid by auto carrier Jack Cooper Transport to resurrect the company. Jack Cooper’s bid would have required the Treasury Department to extend the loan, which is due in 2024.
With bids for terminals due Nov. 9, the auction kicked off Nov. 28 and wore on for about a week in a federal bankruptcy court in Wilmington, Delaware.
The bankruptcy court last month gave auctioneers Ritchie Bros. and Nations Capital the rights to sell Yellow’s roughly 60,000 trucks, trailers and other equipment.
Editor’s note: This story has been updated to include a list of the winning bids.
