Several large less-than-truckload carriers as well as some real estate investors were named as winning bidders of defunct Yellow’s portfolio of terminals. In total, an auction that started last Tuesday netted nearly $1.9 billion in commitments for 130 of Yellow’s owned properties, according to a Monday evening filing in a Delaware court.
XPO’s (NYSE: XPO) $870 million bid for 28 properties — two of which are leased — was the largest winning bid.
Estes, which started the process with a $1.525 billion stalking horse bid that set the price floor for the auction, will walk with 24 terminals at a total purchase price of nearly $250 million.
Saia’s (NASDAQ: SAIA) bid includes 17 properties for a purchase price of $236 million.
Knight-Swift Transportation (NYSE: KNX), which amassed a $1 billion LTL network through acquisition in 2021, has a winning bid for 13 terminals at a $51 million purchase price.
To continue reading this article...
Already have an account? Sign In
Create a Free Account
No payment required
Freight Zippy
Yellow was always worth more dead than alive. They had a miserable service product, filthy run down facilities and an unhappy workforce.
The failure to bring the work rules into this century was far too much for this walking dead company to compete with well managed lean competitors.
Far too many Yellow Teamster union employees believed in “pay the rate or close the gate” and their refusal of road drivers to work the dock sealed their fate. Just as it did for hundreds of other teamster LTL carriers.
Even after this failure, the Teamsters union is doing nothing to assist the remaining Teamster carriers on modernizing their work rules???
Mike
Maybe after the union gets all their pay back maybe after the union gets all their pay back they can pass it on to the men that had to retire from yellow with her full pensions.