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Bankrupt Yellow suspends auction of 147 leased terminals until Dec. 18
Yellow put leased properties up for auction alongside owned terminals on Nov. 28, selling two leases to XPO. Photo credit: Kingfishcafe / Shutterstock.com.
William B. Cassidy, Senior Editor | Dec 7, 2023, 1:17 PM EST
Just days after raising $1.9 billion byYellow previously asked the bankruptcy court for permission to walk away from leases at 37 properties, including its Nashville, Tenn., headquarters and former headquarters in Overland Park, Kan. In an Aug. 31 filing, the company said some of those leases had already been terminated prior to bankruptcy
Just days after raising $1.9 billion byselling 128 mostly company-owned terminals, defunct trucking company Yellow is suspending the auction of an even larger group of leased facilities, according to documents filed with the Delaware Bankruptcy Court.
The auction of Yellow’s leased properties, which began Nov. 28, was adjourned Wednesday and will “reconvene” Dec. 18, “with further instructions to be provided to qualified bidders for such remaining leased properties," the bankrupt less-than-truckload (LTL) company said in its filing.
The postponement is a reminder that Yellow’s assets are much more extensive than the $1.9 billion worth of terminals sold at auction to 22 bidders on Tuesday. Only two of Yellow’s 149 leased properties have been sold so far, going to LTL rival XPO as part of an $870 million package.
That leaves 147 leased facilities and 46 company-owned terminals still on the auction block. All 323 properties – known to the court as Yellow’s “real property assets” – went up for sale by auction at the same time. The company-owned terminals still up for sale include some of Yellow’s largest facilities.
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